Hong Kong Advances Towards Stablecoin Regulation

Hong Kong Advances Towards Stablecoin Regulation



Hong Kong is taking further steps to regulate stablecoins. After working on this for the past two years, they've recently entered a second consultation phase. Initially, the Hong Kong Monetary Authority (HKMA) discussed this topic early last year and finalized their recommendations by January 2023, suggesting a flexible and risk-conscious approach.



By June, they sought public input on these proposed regulations and committed to establishing a definitive framework by next year's end. Duncan Chiu, a local legislator, shared that the government is actively discussing these regulations and aims to finalize them in 2024.



Speaking at the 2023 Shanghai Blockchain International Week, Chiu stated, “We're now in our second round of talks. We're hopeful that by mid-next year, we can disclose Hong Kong's stablecoin regulations, enabling t


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