PANews December 18 news, according to the Hong Kong government press release, the Secretary for Financial Services and the Treasury, Christopher Hui, today proposed the second reading of the (Stablecoin Bill) at the Legislative Council meeting and hopes to pass it as soon as possible. The regulatory framework reportedly includes the following three key points:
(1) Licensees must maintain a sound reserve stabilization mechanism to ensure that the reserve assets for stablecoins consist of high-quality and highly liquid assets, totaling at least equal to the face value of the circulating fiat currency stablecoins at any time, and properly segregated and safeguarded;
(2) Holders of stablecoins should have the right to redeem stablecoins from the issuer at face value, and redemption requests must be processed within a reasonable time without imposing unreasonable fees;
(3) A series of requirements must be stipulated to combat money laundering, risk management, disclosure regulations, auditing, and appropriate candidates.