According to Odaily Planet Daily, the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority issued the "Consultation Conclusions - Legislative Proposals for Implementing a Stablecoin Issuer Regulatory Regime in Hong Kong", adopting two suggestions from CertiK to strengthen risk management and user protection.
In their consultation conclusions, the Treasury and the HKMA stressed the importance of a good regulatory environment and plan to further refine the draft legislation based on public comments. CertiK’s recommendations relate to private key storage and incident management.
Treasury Secretary Paul Chan and HKMA Chief Executive Eddie Yue said the measures would help promote the sustainable development of Hong Kong’s stablecoin ecosystem.
