Article source: Aiying Payment Compliance

Last week, Hong Kong published the "Stablecoins Bill" in the constitution to introduce a regulatory system for stablecoin issuers in Hong Kong. The draft regulation aims to improve the regulatory framework for virtual asset activities, in order to address the potential risks posed by fiat stablecoins to financial stability, ensure that users have sufficient protection, and leverage the benefits that virtual assets and related technologies can bring. The Bill is scheduled to be submitted to the Legislative Council for its first reading on December 18th. Due to the tight schedule and heavy workload, Aiying provided a detailed interpretation of the content of the Bill in advance for everyone. The content is mainly divided into eight sections:

More information can be found on the government's official website:

https://www.gld.gov.hk/egazette/tc_chi/gazette/file.php?year=2024&vol=28&no=49&extra=0&type=3&number=31

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