TechFlow news, on May 30, the Hong Kong Special Administrative Region Government published the Stablecoin Ordinance in the Gazette today (May 30), marking the formal enactment of the ordinance and further improving Hong Kong's regulatory framework for digital asset activities. On May 21, the Hong Kong Legislative Council officially passed the bill to establish a licensing regime for issuers of fiat-referenced stablecoins (stablecoins pegged to legal tender) in Hong Kong. Under the ordinance, to strengthen public protection, only designated licensed institutions may sell fiat-referenced stablecoins in Hong Kong; only fiat-referenced stablecoins issued by licensed issuers may be sold to retail investors.
The Hong Kong Monetary Authority reminds the public that the Stablecoin Ordinance will come into effect later this year and no licenses have currently been issued to any stablecoin issuers. Members of the public should carefully verify information related to fiat-referenced stablecoins and beware of fraudsters using false advertisements for scams.
Risk Disclosure: This website's content is not investment advice and offers no trading guidance or related services. Per regulations from the PBOC and other authorities, users must be aware of virtual currency risks. Contact us / support@techflowpost.com ICP License: 琼ICP备2022009338号
