TechFlow News, on July 17, according to Jinshi Data, the Hong Kong Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) jointly issued a consultation conclusion paper discussing legislative proposals for establishing a regulatory regime for fiat-backed stablecoin issuers in Hong Kong. Given that stablecoins are still in their early stages, most respondents agreed on the need to establish new regulations, and supported excluding fiat-backed stablecoin issuance from the existing securities and stored value facilities regulatory frameworks. The HKMA will continue collaborating with other regulators to build a consistent virtual asset regulatory framework in Hong Kong, preventing regulatory arbitrage. Most respondents supported the requirement that the total value of reserve assets backing fiat-backed stablecoins must be fully maintained at all times, viewing this as a core element underpinning the stability mechanism of stablecoins.
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