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Hong Kong to Introduce Licensing Regime for Stablecoin Issuers on July 17, 2024

Jul 17, 2024, 11:07 AM

Hong Kong plans to introduce a licensing regime for stablecoin issuers whose tokens reference the price of fiat currencies, according to the city's de facto central bank. On July 17, 2024, the Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau jointly released the consultation conclusions on the legislative proposal to implement the regulatory regime for stablecoin issuers. The consultation received over 100 submissions from industry stakeholders, with a vast majority endorsing the establishment of a licensing regime. This move paves the way for the drafting of stablecoin legislation following the conclusion of public consultation.