[Progress of Stablecoin Supervision]-Hong Kong

After the Hong Kong Monetary Authority issued a consultation on stablecoins in early 2022, it also released its progress on stablecoins on the last day of January 2023.

The rules are becoming clear.

It is mentioned that stablecoins are priced with reference to fiat currency, and will be included in the scope of supervision, no matter what its stabilization mechanism is. In other words, coins from algorithmically stable sources will also be included in the scope.

On the server side, wallet services, management services, distribution and other links are all included in the supervision.

Only the issue of license issuance and applicable laws has not yet been determined, but from the time planning point of view, 24 years is the latest time.