Hong Kong Regulators Plan to Present Stablecoin Bill to Legislative Council Later This Year
Hong Kong's financial regulators have announced their plans to present a bill on fiat-referenced stablecoins to the Legislative Council later this year, following the publication of the conclusions from their consultation on a stablecoin regime. The stablecoin regime will primarily focus on representations of value that are operated in a decentralised manner, with no person having the unilateral authority to control or materially alter its functionality or operation. Any person who issues a stablecoin in Hong Kong must obtain a license, and foreign entities intending to apply for a license will be required to establish a Hong Kong subsidiary and have key management personnel in the territory. The HKMA is processing applications for the stablecoin issuer sandbox and will announce more shortly.
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