HK PRL, HK Treasury said Stablecoins bill was gazetted, to provide for supervision of activities involving stablecoins, and give HKMA investigatory and enforcement powers.
Stablecoins Bill
Bill is expected to enhance regulatory framework for virtual asset (VA) activities, by addressing potential financial stability risks posed by fiat-referenced stablecoins (FRS).
Any person issuing FRS in HK in the course of business, issuing FRS that purport to maintain a stable value with reference to HKD in the course of business, or actively marketing the person's issue of FRS to the public of HK, must be licensed by HKMA.
Bill also seeks to provide HKMA with necessary supervision, investigation, enforcement powers for the regime’s effective implementation; first reading will be Dec. 18, 2024.
