Hong Kong's two departments have issued a consultation summary on the legislative proposal for the implementation of a regulatory system for stablecoin issuers
On July 17, the Hong Kong Treasury Bureau and the Monetary Authority jointly issued a consultation summary on the legislative proposal for the regulatory regime for issuers of fiat-backed stablecoins in Hong Kong. During the consultation period, a total of 108 submissions were received from market participants, industry organizations, chambers of commerce, professional groups, and other stakeholders. With the increasing popularity and continued development of virtual assets, the vast majority of respondents agree on the need to introduce a regulatory regime for issuers of fiat-backed stablecoins to appropriately manage potential currency and financial stability risks, and to provide transparency and appropriate regulatory limits
On July 18th, Jinshi Data reported that on July 17th, the Hong Kong Treasury Department and the Hong Kong Monetary Authority jointly issued a legislative proposal on the regulatory framework for issuers of fiat-backed stablecoins in Hong Kong, and published a consultation summary. During the consultation period, a total of 108 submissions were received from market participants, industry organizations, chambers of commerce, professional groups, and other stakeholders. With the increasing popularity and continuous development of virtual assets, the vast majority of respondents agree on the need to introduce a regulatory framework for issuers of fiat-backed stablecoins to appropriately manage potential currency and financial stability risks, and to provide transparency and appropriate regulatory limits