Wu Jiezhuang: The specific plan for Hong Kong's stablecoin KYC rules will be proposed by the stablecoin issuer and will only need to be approved by the HKMA.

PANews reported on July 30th that, according to Caixin, the Hong Kong Monetary Authority will open applications for the first batch of stablecoin issuer licenses from August 1 to September 30, 2025. All compliant stablecoin holders in Hong Kong will be required to provide real-name verification. Techub News contacted Hong Kong Legislative Council member Ng Kit-chung regarding this matter. He stated that the HKMA will indeed implement Know Your Customer (KYC) regulations, but the specific implementation method has not yet been finalized, and real-name verification is only one method. Ng emphasized that the specific plan will be submitted to the HKMA by the stablecoin issuer, and the HKMA will then approve it upon its satisfaction. Furthermore, KYC regulations for stablecoins will be more stringent than those for cash.