The Secretary for Financial Services and the Treasury of Hong Kong, Hui Cheng-yu, announced that anyone conducting regulated stablecoin activities is required to obtain a license, including: conducting the business of issuing fiat currency stablecoins in Hong Kong, conducting the business of issuing Hong Kong dollar stablecoins, or actively promoting the issuance of fiat currency stablecoins to the Hong Kong public. The key points of the regulatory system include the following three:
(1) In terms of reserves, licensees must maintain a robust stability mechanism to ensure that the reserve assets of stablecoins are composed of high-quality and highly liquid assets, with a total value at all times at least equal to the denomination of the stablecoins in circulation, and are properly segregated and safeguarded.
(2) To ensure that stablecoin holders are properly protected, holders shall have the right to redeem stablecoins from the issuer in denominations, and redemption requests must be processed without unreasonable fees and within a reasonable time; and
(C) a series of requirements related to combating money laundering, risk management, disclosure and auditing, and appropriate personnel.
The Hong Kong Treasury has announced three stablecoin regulatory priorities: the total value of reserve assets is at least equal to the denomination of the stablecoin in circulation
2025-05-21 13:00:51
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