HKFS Deputy CEO Announces 6-Month Grace Period for Stablecoin Issuer Licensing

IconCryptoNewsTerminal Staff19 Jul, 2024

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HKFS Deputy CEO Announces 6-Month Grace Period for Stablecoin Issuer Licensing

The Hong Kong Financial Services Deputy CEO, Christopher Hui, has announced a six-month grace period following the establishment of a licensing regime for fiat-backed stablecoin issuers, as reported by HKET. During this six-month transition period, stablecoin issuers will have three months to apply for a license or cease operations, according to Hui. This grace period is intended to provide stablecoin issuers with ample time to comply with the new regulations and ensure a smooth transition into the licensing regime. The licensing regime aims to regulate the issuance of stablecoins in Hong Kong, ensuring that they meet specific standards of transparency, stability, and consumer protection. This move is part of Hong Kong's broader efforts to develop a comprehensive regulatory framework for the cryptocurrency industry and foster innovation while safeguarding financial stability and investor interests.

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