The Hong Kong Stablecoin Bill Enters the Legislative Council, A New Chapter in Industry Regulation is About to Begin!📜

On December 6, the Hong Kong SAR government published the "Stablecoin Bill" in the Gazette and will submit it to the Legislative Council for a first reading on December 18. The bill must undergo three readings and receive the Chief Executive's signature before it can become law.⏳

Once effective, stablecoin issuers must obtain permission from the Hong Kong Monetary Authority and adhere to strict regulatory requirements. Regulation will cover the issuer's background, resources, and the reserve assets of the stablecoin, among other aspects.🔍

In addition, the bill provides more protection for consumers by only allowing regulated entities to offer or promote stablecoins in Hong Kong. The crypto market in Hong Kong may usher in new developmental opportunities and challenges.🌐