The Block Crypto News20 minutes ago

Published on July 15, 2024 10:41 GMT+00:00edited on July 15, 2024 10:44 GMT+00:00

Hong Kong’s financial authorities will soon release the results of a stablecoin consultation report as part of the region’s legislative proposal to oversee the industry.

The Financial Services and the Treasury Bureau said today in a statement that it will soon publish the results of a December consultation on stablecoin issuers in an attempt to draft a legislative bill to be submitted to the Legislative Council. The regulators proposed at the time that all fiat-referenced stablecoin issuers should obtain a license from the Hong Kong Monetary Authority, the de facto central bank that co-released the stablecoin consultation.

The FSTB added in the Monday statement that it suggested only certain entities — including licensed stablecoin issuers, authorized institutions such as banks, …