Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury, provided a written response today (30th) to a legislator's inquiry.

Hui said that the Stablecoins Ordinance will come into effect on August 1. At the same time, the Securities and Futures Commission (SFC) is consulting the public on the licensing regimes for digital asset dealing service and custodian service providers, with a view to formulating the legislative proposals as soon as practicable.

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Upon the completion of the legislative work, the regulatory framework in Hong Kong will provide comprehensive coverage of the key nodes of the digital asset industry, balancing risk management and investor protection, while providing favorable conditions for market development and financial innovation.

Hui also revealed that the SFC had officially granted licenses to 11 digital asset trading platforms with both local and overseas backgrounds as of early July, and is processing an additional nine license applications.

The time required to process license applications regarding digital asset trading platforms varies, depending on various factors such as the completeness of the information provided by the applicants, the adequacy of the supporting documents submitted by the applicants, and the time taken by the applicants to respond to requests for further information during the SFC's assessment process.

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