Hong Kong Stablecoin Bill Enters Legislative Council... Comprehensive Regulation Imminent
Summary
- It was reported that the proposed stablecoin bill in Hong Kong has been submitted to the Legislative Council.
- The bill requires stablecoin issuers to obtain a license and aims to enhance consumer protection.
- Once the law is enacted, issuers in Hong Kong will need to obtain a license from the HKMA.
The proposed stablecoin bill in Hong Kong has been submitted to the Legislative Council.
According to a report by Cointelegraph on the 26th (local time), the Hong Kong government announced the proposed stablecoin bill in the Special Administrative Region Gazette on the 6th. The bill has been referred to the Hong Kong legislature for three readings, and if passed, it will proceed to the Chief Executive's signature.
The bill includes three key components: △ Licensing and requirements for stablecoin issuers △ Restrictions on offering and marketing △ Extensive consumer protection.
Once enacted into law, stablecoin issuers in Hong Kong will need to obtain a license from the Hong Kong Monetary Authority (HKMA) and comply with comprehensive requirements.
YM Lee
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