Hong Kong’s Proposed Stablecoin Regulation Receives Favorable Response from Stakeholders
Hong Kong regulators have concluded their consultation on proposed stablecoin regulations, receiving 108 submissions from various stakeholders, including industry groups and market participants.
The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) reported positive feedback on the proposed regulatory framework. Most stakeholders supported the introduction of a regulatory regime for fiat-referenced stablecoin (FRS) issuers to manage potential financial risks.
Christopher Hui of the FSTB emphasized that the proposed regime aligns with international standards and strengthens Hong Kong’s regulatory framework. Eddie Yue of the HKMA highlighted the supportive comments and the importance of a well-regulated environment for the stablecoin sector. The regulators will integrate stakeholder feedback before finalizing the legislative proposal and are currently processing applications for the stablecoin issuer sandbox.
Clever Robot News Desk 20th July 2024
