#BTC挑战11万大关 Hong Kong's "Stablecoin Regulation Draft" Passed by the Legislative Council

Xinhua News Agency, Hong Kong, May 21 - The Hong Kong Legislative Council passed the "Stablecoin Regulation Draft" on the 21st, aimed at establishing a licensing system for fiat stablecoin issuers in Hong Kong, further improving the regulatory framework for virtual asset activities to maintain financial stability and promote innovation in the financial sector.

According to the regulation, any individual or entity engaged in the issuance of fiat stablecoins in Hong Kong, or issuing fiat stablecoins pegged to the Hong Kong dollar in Hong Kong and other regions, must apply for a license from the Financial Management Commissioner. Relevant applicants must meet specific conditions regarding reserve asset management and redemption, including strict isolation of customer assets, establishing a robust stabilization mechanism, and responding to redemption requests from stablecoin holders at face value under reasonable conditions.

The Secretary for Financial Services and the Treasury of the Hong Kong SAR Government, Xu Zhengyu, pointed out that the regulation follows the fundamental principle of "same activities, same risks, same regulation", emphasizing risk management and committed to building a robust regulatory environment, which not only aligns with international regulatory standards but also provides a solid foundation for Hong Kong's virtual asset market, promoting sustainable development of the industry and protection of user rights.

The President of the Hong Kong Monetary Authority, Yu Weimen, expressed confidence that a reliable regulatory environment would create favorable conditions for the healthy, responsible, and sustainable development of Hong Kong's stablecoins and the entire digital asset ecosystem.

The regulation is expected to be officially implemented in 2025, allowing the industry ample time to understand and adapt to the new licensing system requirements. At the same time, the licensing system also has transitional arrangements to enable the industry to apply for licenses and make appropriate business arrangements in accordance with the requirements of the "Stablecoin Regulation".