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Christopher Hui Welcomes Global Institutions to Apply for Stablecoin Issuer Licenses with Common Standards
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Christopher Hui, Secretary for Financial Services and the Treasury, stated today (2nd) in response to a Legislative Council member's question that the Stablecoins Ordinance will come into effect on August 1 this year, at which the Hong Kong Monetary Authority (HKMA) will begin accepting licence applications. Currently, the HKMA is conducting a public consultation on the detailed guidelines for implementing the Ordinance with a view to finalising these guidelines as soon as practicable. After consulting with the HKMA, he replied that the Government recently issued the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong. It covers the policy direction for advancing digital asset use cases and cross-sectoral collaboration, and articulates the exploration of stablecoins as a payment tool. To demonstrate the Government's support and to take the lead, in the Policy Statement 2.0 the Government invites proposals from market participants on how the Government may test the usage of licensed stablecoins, for example in enhancing efficiency of Government payments. The licensing regime for stablecoin issuers in Hong Kong is flexible and open, allowing licensed issuers to peg their stablecoins to different fiat currencies for the purpose of stablecoin issuance. The Government welcomes institutions from around the world to apply for licence based on their actual business needs. The Government will review licence applications with a set of common standards, such as the issuer's compliance with regulatory requirements in the areas of reserve asset management, stabilisation mechanisms, redemption arrangements and internal control measures. The Government and financial regulators will closely monitor regulatory developments and maintain communications with regulatory authorities in different jurisdictions. AAStocks Financial News |
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