Hong Kong Unveils Stablecoin Regulatory Framework for Enhanced Oversight
CryptoNewsTerminal Staff09 Sep, 2024
Hong Kong Unveils Stablecoin Regulatory Framework for Enhanced Oversight
Hong Kong's Deputy Secretary of the Treasury, Christopher Hui, has announced the government's plans to introduce a comprehensive regulatory framework for stablecoins. A bill outlining the proposed regulations is expected to be presented to the Legislative Council before the end of the year. The primary objective of the new legislation is to enhance the supervision and oversight of stablecoin issuers operating in Hong Kong. The bill is designed to ensure that stablecoin issuers maintain adequate reserves to match the value of their outstanding tokens, providing greater protection for investors and promoting the stable development of the cryptocurrency market. This move aligns with Hong Kong's commitment to fostering innovation in the fintech sector while preserving financial stability and protecting investors. The introduction of a clear regulatory framework for stablecoins will create a more favorable environment for the growth and adoption of digital assets in Hong Kong.
