Hong Kong Moves Forward with Stablecoin Regulation: Consultation Outcomes Imminent

IconCryptoNewsTerminal Staff15 Jul, 2024

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Hong Kong Moves Forward with Stablecoin Regulation: Consultation Outcomes Imminent

Stablecoin regulation is moving forward in Hong Kong. The Financial Services and the Treasury Bureau (FSTB) will soon publish the results of its consultation on a proposed regulatory framework for stablecoins. The consultation paper, which was released in December last year, sought feedback on a variety of issues related to stablecoins. These issues include licensing requirements, regulation of specific entities, and potential oversight mechanisms for stablecoin reserves and redemption processes. The FSTB's decision to move forward with stablecoin regulation is a significant step for the financial industry in Hong Kong. It is expected that the new regulations will help to provide greater clarity and certainty for businesses and investors in this emerging sector.

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