Hong Kong's two departments issued consultation conclusions on legislative proposals to implement a regulatory regime for stablecoin issuers

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Cointime2024/07/18 04:52

By:Cointime

The Hong Kong Treasury Bureau and the Hong Kong Monetary Authority jointly issued a consultation summary on the legislative proposal for the regulatory system of fiat stablecoin issuers in Hong Kong. During the consultation period, a total of 108 opinions were received from market participants, industry organizations, chambers of commerce and professional groups, as well as other stakeholders. With the increasing popularity and continuous development of virtual assets, the vast majority of respondents agree that there is a need to introduce a regulatory system for fiat stablecoin issuers to properly manage potential currency and financial stability risks, and to provide transparency and appropriate restrictions. (CCTV)

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