The Hong Kong government has submitted a proposed stablecoin bill to the Legislative Council as part of its efforts to regulate the $220 billion stablecoin industry. The bill assigns jurisdiction over stablecoins and their issuers to the Hong Kong Monetary Authority (HKMA), which will require issuers to obtain a license and meet certain requirements such as a paid-up share capital of $3.2 million and a segregated pool of reserve assets. The city's regulators have engaged in extensive consultation with industry stakeholders, and the stablecoin framework follows a similar approach. Other jurisdictions, such as Taiwan, are also rushing to regulate stablecoins.



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