Hong Kong Government Prepares Stablecoin Legislation Following Public Consultation

According to Odaily, during the 2024 Hong Kong SmartCon conference organized by ChainLink, Deputy Secretary for Financial Services and the Treasury, Joseph Chan, announced that the Hong Kong government has completed a public consultation on the regulatory framework for stablecoins. Over the course of two months, more than 100 opinions were received from stakeholders and market participants. The relevant government departments are currently finalizing the necessary preparations and plan to submit the stablecoin legislation draft to the Legislative Council by the end of the year. In addition, there will be a second round of public consultation on the regulatory proposals for over-the-counter virtual asset trading. The government also intends to propose a licensing regime for virtual asset custodians to ensure the secure storage of digital assets in compliance with international standards.