The Hong Kong Special Administrative Region Legislative Council passes the "Stablecoin Bill."

The Legislative Council of the Hong Kong Special Administrative Region approved the "Stable Coin Bill" today, and the Hong Kong SAR government welcomed it. The "Bill" establishes a licensing system for stable coin issuers in Hong Kong, enhances the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability, and promote financial innovation. After the implementation of the "Stable Coin Regulation", anyone who issues legal tender stable coins in Hong Kong in the course of business, or issues legal tender stable coins claiming to be pegged to the Hong Kong dollar value in Hong Kong or abroad, must apply for a license from the Financial Commissioner. Relevant parties must comply with provisions such as asset management and redemption, including properly segregating client assets, maintaining a sound stabilisation mechanism, and processing redemption requests from stable coin holders at face value under reasonable conditions. Relevant parties must also comply with a series of requirements, including anti-money laundering and counter-terrorism financing measures, risk management, disclosure requirements, auditing, and appropriate personnel selection. The Financial Commissioner will consult on the detailed regulatory requirements of the system in a timely manner.