The Hong Kong FSTB and HKMA outline plans for a new regulatory framework for stablecoin issuers following broad public support and stakeholder feedback.
The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) released their conclusions on creating local stablecoin-related legislation.
On July 17, the two financial institutions followed up on an initial legislative proposal to create a regulatory framework for fiat-referenced stablecoin (FRS) issuers in Hong Kong.
This follows a two-month public consultation period that ended in February, which saw 108 submissions from various stakeholders, including market participants, industry associations, and professional organizations.
