With the passage of one of the world’s most comprehensive stablecoin laws two weeks ago, Hong Kong is looking to stay at the forefront of global finance while addressing lessons from past industry setbacks, according to analysts. Being a “first mover” in stablecoin legislation “reflects the determination” of the city’s government to “unlock value that…
Hong Kong’s government is in a rush to bring its stablecoin legislation into force. On 21 May the legislature approved the new law, and days later the Hong Kong Monetary Authority (HKMA) launched a consultation regarding the detailed rules, which runs until the end of June. Today the government published an ordinance signalling plans for…
Hong Kong’s new stablecoin ordinance, which requires issuers of assets backed by fiat currency to be licensed, is set to take effect on August 1, according to a government announcement on Friday. The city’s Legislative Council passed the bill regulating stablecoins – a type of cryptocurrency backed by a reference asset, usually fiat currencies such…