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On 6 December 2024, the Hong Kong government gazetted the Stablecoins Bill ("Bill"), which aims to establish a regulatory regime for issuers of fiat-referenced stablecoins ("FRS") in Hong Kong. This follows public consultations by the Financial Services and the Treasury Bureau ("FSTB") and the Hong Kong Monetary Authority ("HKMA"). For more details, see the Previous Consultations section in the linked alert below.
The Bill aims to introduce a licensing and regulatory framework for FRS issuers and those involved in offering FRS. The Bill also seeks to provide the HKMA with necessary supervision, investigation and enforcement powers. The Bill will be introduced into the Legislative Council for first reading on 18 December 2024 and more visibility on the legislative timeline is expected at that stage.
Click here to read the full alert.
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