Companies seeking to issue Stablecoins should slow down their enthusiasm, especially when their main business is not linked to digital assets, wrote the CEO of Hong Kong Monetary Authority (HKMA), Eddie Yue, in a blog article on the Central Bank website.
Some companies that do not have a company linked to stabbed – tokens whose value is fixed to other assets such as fiduciary currencies – or digital assets have announced their intention to develop a Stablecoin company. Consequently, “the equity prices have increased, the volume of shares has increased and the reputation of the company was also considerably improved,” said Yue in Wednesday.
“With the recent hot speculation of the concept of Stablecoin, the market has become too excited,” he wrote.
The coolant of the financial regulator is about to start license issuers for stable issuers from August 1 after adopting a stable bill in May. While 40 companies should request the regime, HKMA is likely to approve less than 10.
“In fact, we clearly indicated earlier than, at most, only a few Stablecoin licenses will be approved at the initial stadium,” said Yue. “In other words, there are many disappointed people.”
After the adoption of the stable bill, the regulator asked for opinions on the implementation of its money regulatory directives, which it plans to publish at the end of July, he added.
The market capitalization of Stablecoins has climbed more than $ 269 billion, according to Coingecko data, after the signing of the American law on the stable of engineering last week.
