According to Blockworks, Hong Kong’s Financial Services Bureau Secretary Hui Ching-yu reiterated that lawmakers plan to introduce legislation on stablecoins and virtual asset over-the-counter (OTC) services. Xu Zhengyu said that as part of the legislative proposal for OTC services, “virtual asset service providers may need to obtain a license from the Customs Administration (CCE).” The proposal will cover all OTC services, “regardless of whether the service is provided through physical outlets and/or other platforms ; Provide powers for the CCE to supervise the anti-money laundering activities of license holders and implement statutory and regulatory requirements under the new system; and provide transitional arrangements to facilitate the effective implementation of the regulatory system." In addition, under different regulatory proposals, partial stabilization Coin issuers (depending on the criteria) will need to register with the Hong Kong Monetary Authority. Public consultation on the proposal, which was put forward in December last year, will run until February 29. “The proposed regulatory regime will also prohibit unlicensed issuers from advertising stablecoins,” Xu Zhengyu said. The Hong Kong Monetary Authority said last year that the regulations aim to encourage virtual asset innovation in a sustainable manner “while identifying and appropriately addressing actual and potential risks from the perspectives of monetary and financial stability, consumer protection, and anti-money laundering and combating terrorist financing.” .”

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