Hong Kong Monetary Authority: If stablecoin issuers are not deemed trustworthy, they will receive a "refusal notice."

[Hong Kong Monetary Authority: If stablecoin issuers are not trusted, they will receive a "rejection notice"] According to a report by 21st Century Business Herald, Hong Kong's "Stablecoin Ordinance" officially came into effect today. The Monetary Authority's Financial Management Commissioner will grant a "temporary license" to stablecoin issuers who can prove their capabilities within the first six months (before February 1, 2026). If stablecoin issuers are not trusted, they will receive a "rejection notice" issued by the Financial Management Commissioner, and that entity will enter the liquidation period on the day the notice is issued, and orderly conclude its Hong Kong operations within one month.