Hong Kong to Prepare Stablecoin Legislation as Public Consultation Ends
Summary
Hong Kong plans to present a bill on fiat-referenced stablecoins to the Legislative Council. The regime will focus on decentralized ledgers, requiring stablecoin issuers to obtain a license and possibly keep reserve assets in Hong Kong. Foreign entities must establish a Hong Kong subsidiary and have key management personnel in the territory. The HKMA is considering reducing the frequency of public disclosure and is processing applications for the stablecoin issuer sandbox. Hong Kong aims to keep pace with other major jurisdictions in becoming a leading crypto hub.
