Hong Kong Lawmaker Plans to Implement Stablecoin and OTC Bills

IconCryptoNewsTerminal Staff29 Jul, 2024

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Hong Kong Lawmaker Plans to Implement Stablecoin and OTC Bills

Hong Kong's legislative council member, Christopher Cheung Wah-fung, is working on introducing a bill that will provide a framework for stablecoins and over-the-counter (OTC) trading of cryptocurrencies. This move is in response to the growing interest in digital assets and the need for clear regulations to ensure their safe and orderly development in Hong Kong. The bill is expected to address issues such as the definition of stablecoins, the requirements for their issuance and redemption, and the oversight of OTC trading platforms. Cheung believes that this bill will help to position Hong Kong as a leader in the field of digital asset regulation and innovation.

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