Hong Kong releases consultation summary on legislative regulation of stablecoin issuers: submitted to the Legislative Council within this year

This site (120btC.coM): Regarding whether Hong Kong should implement a "regulatory system for fiat currency stablecoin issuers", the Hong Kong Treasury Bureau and the Hong Kong Monetary Authority jointly issued a consultation summary today (17th), stating that "the vast majority of responses "They all agree on the need to regulate fiat stablecoin issuers" to properly manage potential monetary and financial stability risks and provide transparent and appropriate regulations.

According to the official statement, the two-month public consultation was completed in February this year. During the consultation period, a total of 108 submissions were received from market participants, industry organizations, chambers of commerce and professional groups, and other stakeholders, including HSBC, Standard Chartered Bank, Binance, Oko Cloud Chain and Circle, the second largest stablecoin USDC issuer, but Tether, the leading stablecoin issuer USDT, are not included.

The Hong Kong authorities stated that respondents generally supported the proposed regulatory requirements and implementation arrangements, and also put forward optimization suggestions in written comments. It was mentioned that considering that the field of stablecoins is still in its infancy, a considerable majority of the respondents agreed to formulate "new legislation" to implement the regulatory system for issuers of fiat-currency stablecoins, and to separate the issuance of fiat-currency stablecoins from related securities and stored-value Suggestions on "exclusion" from the supervision system of payment instruments.

Secretary of the Treasury Bureau Hui Ching-yu pointed out in a statement: In addition to the current regulatory system for virtual asset trading platforms, the establishment of a licensing system for fiat currency stablecoin issuers will strengthen Hong Kong’s virtual asset regulatory framework, be consistent with international standards, and effectively ease the Reduce the risks to financial stability posed by activities related to the issuance of legal currency stablecoins.

Manuel Yue, Chief Executive of the Hong Kong Monetary Authority, said: We sincerely thank the respondents for their valuable opinions and are encouraged by their general support for the proposed supervisory system. We believe that a good regulatory environment can help promote the sustainable and responsible development of Hong Kong’s stablecoin ecosystem.

The Treasury Bureau and the Hong Kong Monetary Authority mentioned that they will finalize legislative proposals to implement the regulatory system in response to the opinions and suggestions of the respondents. A bill is currently being prepared and plans to submit it to the Legislative Council for review later this year. In addition, the Hong Kong Monetary Authority will also issue licensing and regulatory guidelines in a timely manner to help fiat stablecoin licensees understand and comply with relevant regulations.

In addition, regarding the "sandbox" program for stablecoin issuers announced in March this year, the Hong Kong Monetary Authority stated that it is processing relevant applications and the list of participants will be released soon.

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