According to Wu Shuo, Hong Kong's Deputy Secretary for the Treasury, Chan Ho-lim, stated at a meeting of the Legislative Council's Web3 and Virtual Asset Development Subcommittee that the stablecoin issuer licensing system has a six-month transition period. Issuers with substantive issuance business can submit license applications within the first three months, otherwise they must close their businesses in an orderly manner before the end of the fourth month.
Legislative Council member Wu Jiezhuang hopes that the government will release a Web3 development roadmap as soon as possible to enhance the confidence of the industry and overseas investors.
Legislative Councillor Dagen Chiu is concerned about the lack of transparency in the HKMA's "sandbox" program and hopes that relevant issues can be resolved before the formal issuance of licenses.
