Hong Kong Legislative Council member Darren Chiu believes that the HKMA launched the sandbox for stablecoin issuers in March this year. As of a few days ago, it was announced that a total of three groups of institutions in the first batch can enter the sandbox for testing. However, there is a lack of transparency in the application process, such as the start time of the sandbox and how long it will take to officially issue a license. He believes that there are still many unresolved issues before the official issuance of a license, such as virtual asset custody, intermediaries, etc., and hopes that the authorities will prepare in advance. He is also concerned that many companies in the market have issued stablecoins in other places, and whether the authorities can consider these companies with international experience in the next round of sandboxes. (Wen Wei Po)