Hong Kong Introduces Stablecoins Bill to Regulate Fiat-Referenced Digital Currencies

Hong Kong’s new Stablecoins Bill introduces licensing requirements for fiat-referenced stablecoin issuers, facilitating financial stability and user protection. This regulatory framework aims to support transparency, accountability, and innovation in the growing virtual asset ecosystem.

Hong Kong Introduces Stablecoins Bill to Regulate Fiat-Referenced Digital Currencies

Hong Kong moves to protect users with Stablecoins licensing framework

The Hong Kong government has taken steps towards regulating digital assets with the introduction of the Stablecoins Bill to the Legislative Council on 18 December 2024.

This proposed legislation seeks to create a licensing framework for fiat-referenced stablecoins (FRS) issuers, providing a clear set of rules to address risks and unlock opportunities in the virtual asset (VA) space.

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