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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