Deputy Director of the Hong Kong Monetary Authority: Entering the "Sandbox" is not a prerequisite for applying for a stablecoin issuer license

Chen Weimin, deputy chief executive of the Hong Kong Monetary Authority, wrote in Huisi that the main application scenarios proposed by the first batch of institutions participating in the "Sandbox" include payment, supply chain management and capital market use cases. The "Sandbox" participants also proposed other use cases, including Web3, games and virtual asset transactions. Entering the "Sandbox" is not a prerequisite for applying for a license in the future. If the "Sandbox" participants intend to obtain a license, they must also submit a formal application after the regulatory system is implemented.