Hong Kong’s central bank wants to legally regulate stablecoins to prevent financial stability risks.
Hong Kong’s central bank has opened some of its legislative proposals regarding stablecoins for public evaluation.
The government has announced that stablecoin issuers that meet certain conditions will be issued by the central bank. licensingindividual investors only licensed stablecoins recommends using it.
Christopher Hui, Hong Kong Minister of Financial Services and Treasury. “With licensing, auditing and enforcement parameters in place, the actual and potential risks posed by stablecoin development in Hong Kong can be controlled in line with international standards.” said.
Before the implementation of stablecoin legislation transition process It is planned to be. stablecoins to institutions in Hong Kong What criteria should it meet? Authorities will be given to determine this.
According to the statements made by Eddie Yue, governor of the Hong Kong central bank, Those who want to issue stablecoins A sandbox will also be established to exchange ideas with organizations.
Yue, “We support financial innovation and believe that it is essential to meet the legal standards required for the virtual asset ecosystem to develop in a long-term, sustainable and responsible manner.” said.