The Hong Kong Legislative Council has handed the Stablecoin Invoice in its third studying, establishing a licensing regime for fiat-backed stablecoin issuers
The Hong Kong Legislative Council has handed the Stablecoin Invoice in its third studying, establishing a licensing regime for fiat-backed stablecoin issuers. The brand new regulation permits establishments to use to the Hong Kong Financial Authority to turn into compliant stablecoin issuers by the tip of 2025. The invoice mandates that stablecoins have to be backed by authorized tender, aiming to foster innovation within the digital forex area whereas enhancing investor protections. This regulatory transfer positions Hong Kong to compete globally within the stablecoin market by offering a transparent framework for stablecoin issuance and oversight.
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