The Block Crypto News12 minutes ago

Published on July 17, 2024 11:07 GMT+00:00edited on July 17, 2024 11:09 GMT+00:00

Hong Kong’s financial authorities have released the consultation conclusions on a licensing regime for stablecoin issuers as part of the region’s legislative proposal to oversee the industry.

In a joint statement, the Hong Kong Monetary Authority — the de facto central bank — and the Financial Services and the Treasury Bureau said that the majority of respondents agreed that a regulatory regime should be introduced for fiat-referenced stablecoin issuers. 

The HKMA and the FSTB said that they received 108 submissions from industry participants and professional institutions during the two-month public consultation that ended in February.

The key part of the proposal is to require all FRS issuers to obtain a license from the HKMA. “We will consider factors such as the FRS issuer’s …