The Hong Kong government has published a "stablecoin bill" to introduce regulations for fiat currency stablecoin issuers. The bill aims to enhance the regulatory framework for crypto activities, promote financial stability, and provide protection to users. It proposes a licensing system for entities involved in issuing stablecoins and empowers the Monetary Authority with supervisory and enforcement rights. The Secretary for Financial Services and the Treasury stated that the bill is crucial for fulfilling Hong Kong's obligations as a member of the Financial Stability Board. The President of the Monetary Authority believes the proposals will foster a responsible stablecoin ecosystem. This move is part of Hong Kong's efforts to create a crypto-friendly environment and compete with other Asian countries like Singapore.



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