A Hong Kong finance official said today that the government would work towards submitting licensing bills for stablecoin and over-the-counter crypto trading frameworks as soon as the consultations progress.

Christopher Hui, Secretary for Financial Services and the Treasury, said in a written response to a lawmaker at the Legislative Council that the FSTB, earlier this month, launched a public consultation on legislative proposals to introduce a licensing regime for providers of over-the-counter crypto trading services. The consultation is set to end on April 12.

In December, the FSTB and the Hong Kong Monetary Authority, the de facto central bank, also jointly launched a consultation — until Feb. 29 — on regulating stablecoin issuers. They proposed that all fiat-referenced stablecoin …