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Hong Kong License Mode Stablecoin will prepare for life August 1Step confirmed by the Minister of Finance Services and the Ministry of Finance, Christopher Hui.
Talking on Hong Kong’s digital financial prices 3 July, Hui established The region undertakes to build a complex ecosystem of virtual assets through a cautious regulatory mode that supports market innovations.
The new regulations are the central part of the updated Hong Kong Digital Asset agenda“Policy statement 2.0” which was issued at the end of June and builds on the z z October 2022. This policy determines the “Leap” framework, a strategy focused on legal streamlining, expanding tokenized products, developing cases of use and development of people and partnerships.
According to the upcoming Stablecoin Regulation, any entity issuing a Fiat-reference stablecoins in Hong Kong must obtain a license from the Hong Kong currency office (HKMA). As in detail in the official government documents, the key rule is requirement To make stablecoins fully supported by reserves of high quality, liquid assets. This measure is intended to protect investors and ensure financial stability.
The pressure on the regulated stablecoin market is associated with a significant focus on the tokenization of the real world (RWA) assets. For OpenG’s AsiaThe government plans to regulate the issuance of tokenized government bonds and support the tokenization of other assets such as precious metals to improve liquidity and market access. To support this financial service, the Ministry of Finance and HKMA, they conduct a legal review to make the regulatory processes more efficient for tokenized tools.
For further market market development, the authorities clarified the treatment of bikes Tokenized ETF Support trading with a secondary market and propose regulations for tax incentives for profits from certain blockchain activities.
The main technology companies as Ant Group already signaled Their intention to apply for a license to issue Stablecoin once the new regime is active.
