TechFlow reports that during the "Let's BUILD, Connecting the Future to Co-create Hong Kong's Web3 Ecosystem" AMA event hosted by OSL, Hong Kong SAR Legislative Council member Ng Kit-chi revealed that the Hong Kong fiat-backed stablecoin bill is currently under legislative review. The Hong Kong Monetary Authority (HKMA) will subsequently launch licensing application procedures, providing the market with a clearer and more robust compliance pathway. Additionally, Hong Kong will initiate public consultations on licenses for OTC and custody services, with legislation expected to commence by year-end, ensuring effective regulation of both online and offline OTC trading platforms to build a safer and more transparent market environment.
Ng further stated that in February during Consensus, the Securities and Futures Commission (SFC) of Hong Kong announced 20 new regulatory initiatives. Measures including inviting top global exchanges to apply for licenses in Hong Kong, streamlining token listing processes for compliant exchanges, and permitting staking and derivatives such as futures contracts represent long-term potential benefits worthy of close attention.
