Regulatory framework progresses: Hong Kong has officially published its stablecoin bill, indicating significant progress toward regulatory implementation. This move is aimed at safeguarding financial stability while fostering innovation in virtual assets, following consultations that allowed three stablecoin pilots.
Licensing mandates for issuers: Under the new legislation, issuing fiat-referenced stablecoins requires licensing from the HKMA. Public marketing of these tokens also demands a license, with stringent oversight and enforcement to manage risks. This ensures a well-regulated environment for Hong Kong’s stablecoin market.
Leave a Reply