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Home News

Hong Kong’s Stablecoin Bill Passes First Reading

18 December 2024
in News, Regulation, Stablecoins
Reading Time: 3 mins read
111 1
Source: blockchain.news

Source: blockchain.news

Hong Kong’s newly proposed stablecoin bill passed its first reading in the city’s Legislative Council today, December 18, 2024. This move brings the city closer to establishing a robust regulatory framework for fiat-backed stablecoin issuers.

During the presentation of the bill, Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, explained that the legislation aims to create a comprehensive legal structure for fiat-backed stablecoins, which have grown in prominence within the global financial system.

With a market capitalization of $220 billion, stablecoins have gained traction as a less volatile alternative in the cryptocurrency space. Tether leads the sector with a $142 billion market cap, followed by Circle’s USDC at $42 billion, according to data from CoinMarketCap. 

Hui highlighted the potential of fiat-backed stablecoins to become widely accepted payment mediums, warning that if left unregulated, they could pose risks to financial and monetary stability. He cautioned that their unchecked adoption could disrupt traditional financial systems, undermine monetary policies, and expose vulnerabilities by relying on private issuers for coin issuance and reserve management.

Meanwhile, this legislative move marks a significant step in Hong Kong’s regulatory approach to the growing stablecoin market, aiming to safeguard financial stability while fostering innovation in digital currencies. It follows the conclusions of a public consultation held earlier this year. On July 17, the Hong Kong Monetary Authority (HKMA), the Treasury Bureau, and the Financial Services Department announced support for a licensing regime for stablecoin issuers. The consultation, which ran from December 2022 to February 2023, received 108 submissions from industry stakeholders and expert institutions.

The stablecoin bill was published in Hong Kong’s government public records on December 6. It introduces stringent risk management protocols, disclosure requirements, and anti-money laundering measures. Under the proposed regulation, stablecoin issuers must maintain reserves equal to the circulating value of their coins, which are composed of high-quality, liquid assets. Furthermore, the bill guarantees that stablecoin holders can redeem their tokens at face value without excessive fees or delays.

The HKMA is designated as the primary oversight body. The regulator will license issuers, ensure compliance, and investigate any violations to maintain market integrity.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: Hong KongStablecoin
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