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Hong Kong Consultation Results on Stablecoin Framework

19 July 2024

Hong Kong Consultation Results on Stablecoin Framework

The Hong Kong Money Authority published the results of its consultation on legislative proposals to establish a regulatory framework for stablecoin issuers.

Highlights include:

  • The proposed regulatory regime intends to primarily focus on representations of value which rest on ledgers operated in a decentralised manner;
  • The HKMA confirms that it intends to progress with the proposed legislative approach; and
  • The HKMA considered key fraud risks when determining the non-contravention period.

Relevant firms can view the published feedback and responses to prepare for the forthcoming regulatory and legislative changes.
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