Hong Kong is taking steps to establish a clear regulatory framework for cryptocurrencies. A proposed bill regarding stablecoins has recently advanced to the legislative council in the region.
Once enacted, this bill would allow for the integration of stable digital currencies into Hong Kong’s financial systems.
This effort is aimed at attracting crypto businesses and protecting consumers from fraudulent activities related to cryptocurrencies.
The bill includes requirements for licensing stablecoin issuers and plans to remove restrictions on offering stablecoins. Hong Kong’s commitment to regulating stablecoins showcases its dedication to creating a strong crypto framework and safeguarding consumers.
On December 6, 2240, the stablecoins bill was officially introduced to the Gazette by the Hong Kong government. However, the bill must go through three readings before it can be signed into law, including examinations, amendments, and debates.
