On Friday the Hong Kong government published its Stablecoins Bill in the Gazette, with plans for its first reading on December 18. The legislation covers fiat-referenced stablecoins.
“We have undertaken extensive consultations and given due consideration to the views of the industry when formulating the details of the regulatory regime,” said Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA). “We believe that a well-regulated environment is conducive to the sustainable and responsible development of the stablecoin ecosystem in Hong Kong.”
The government statement says the legislation applies to fiat stablecoin issuers based in Hong Kong, or stablecoins pegged to the Hong Kong dollar (HKD) or stablecoins that are actively marketed to the public in Hong Kong. We may be splitting hairs, but we found some ambiguity in the wording related to marketing to the public (see later).
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