Hong Kong's financial regulators said they plan to present a bill on fiat-referenced stablecoins to the Legislative Council later this year.
The Financial Services Bureau, Hong Kong Treasury (FSTB) and the Hong Kong Monetary Authority (HKMA) have published the results of the consultation and concluded the stablecoin regime will “primarily focus on demonstrating value based on The ledger is operated in a decentralized manner” in which “no one has unilateral authority to control or significantly change its function or operation”.
The stablecoin guidance consultation document published late last year received 108 submissions from stakeholders. Regulators plan to seek comments from respondents before finalizing the bill for introduction into the legislative process.
Regulators have confirmed the initial proposal that anyone issuing stablecoins in Hong Kong must have a license. While it asserts that holding reserve assets in banks licensed in Hong Kong could provide better user protection, it is open to XEM proposals to place reserve assets in other banks. other jurisdictions.
Foreign entities intending to apply for a license will be required to establish a subsidiary in Hong Kong and have key management personnel, including the CEO, in the territory.
After XEM the responses, the HKMA “tends to reduce the frequency of disclosure of information to the public”. They have proposed a monthly attestation by an independent auditor and will continue to discuss this issue.
Hong Kong is trying to catch up with other major jurisdictions to become a leading cryptocurrency hub . Europe's MiCA stablecoin regime went into effect this month, and members of Congress in the US are actively trying to push a stablecoin bill.
In March, the HKMA opened a regulatory sandbox to provide potential stablecoin issuers with exemptions from testing certain activities. In today's announcement, the HKMA said it is processing stablecoin issuer sandbox applications and will make an announcement sooner.
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Minh Anh
According to Coindesk
