[HKMA: Currently, participants in the stablecoin issuer sandbox are not allowed to raise funds from the public, and violations will result in disqualification] On July 19, Hong Kong Monetary Authority Deputy Chief Executive Chen Weimin wrote in Huisi that the main application scenarios proposed by the first three institutions participating in the stablecoin issuer "sandbox" include payment, supply chain management and capital market use cases. In addition to the above application scenarios, the "sandbox" participating institutions also proposed other use cases, including Web3, games and virtual asset transactions.
Chen Weimin said that these institutions must strictly abide by the requirements of the "sandbox", such as not being able to raise funds from the public or provide any investment products in the name of the "sandbox", and not being able to use public funds in the initial stage. If the "sandbox" participants can use public funds to a limited extent due to adjustments to the scope of the test, the HKMA will make a separate announcement. If any violations are found, the HKMA will immediately terminate the qualifications of the relevant participating institutions.
