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Published on July 17, 2024 13:33 GMT+00:00edited on July 17, 2024 13:34 GMT+00:00

Hong Kong’s financial regulators have received over 100 submissions from market participants, with a vast majority endorsing the establishment of a licensing regime for stablecoins.

The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) released results of a consultation paper on a proposal to introduce a regulatory regime for stablecoin issuers.

According to a Wednesday press release, a “vast majority” of the 108 respondents agreed that, with the increased prevalence and evolving development of virtual assets, a regulatory regime should be introduced for stablecoin issuers. HKMA chief executive Eddie Yue stated that a well-regulated environment could be “conducive” to the “sustainable and responsible development of the stablecoin ecosystem in …