The beginning of a new age

Hong Kong financial regulators have proposed mandatory licenses for fiat-backed stablecoin issuers. The Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB) are seeking feedback by February 29. The proposed licensing regime will require issuers to obtain a license from the HKMA, requiring them to meet certain conditions to operate in Hong Kong. The move aims to position Hong Kong as a regional crypto hub and ensure that fiat-backed stablecoins maintain their value on par with sovereign currencies.