📢 Hong Kong moves towards stablecoin legislation! 🇭🇰
- FSTB & HKMA publish conclusions on local stablecoin-related legislation.
- After 2 months of public consultation, the majority agreed that there is a need for a legal framework for FRS to manage financial risks.
- Christopher Hui, FSTB: The new licensing regime will strengthen the VA legal framework, in line with international standards.
- Eddie Yue, CEO HKMA: A well-managed environment will promote a sustainable stablecoin ecosystem.
- HKMA is reviewing applications to join the stablecoin sandbox and will announce the list soon.
What do you think about this step forward in Hong Kong? Comment! 💬#CryptoNews#Blockchain #BTC