TechFlow news — On December 6, according to the Hong Kong Special Administrative Region Government's press release, the government published the "Stablecoin Bill" in the Gazette today, introducing a regulatory regime for fiat-referenced stablecoin issuers. The bill requires institutions issuing fiat-referenced stablecoins in Hong Kong, issuing Hong Kong dollar-pegged stablecoins, or promoting stablecoin offerings to the public to obtain a license from the Monetary Authority.
Financial Secretary Christopher Hui stated that the legislation follows the principle of "same activity, same risk, same regulation." The bill will be introduced to the Legislative Council for its first reading on December 18, aiming to enhance the virtual asset regulatory framework and protect user rights.
