Hong Kong: Closed Consultation on Legislative Proposals for Stable Currency Issuer Supervisory Regime

On 29 February 2024, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) closed their public consultation on the legislative proposals to regulate stable money issuers. The consultation sought views on the proposed licensing regime for eligible issuers of fiat stable money, the requirement for only designated licensed institutions to provide services for the purchase of fiat stablecoins, and the prohibition of the promotion of fiat stable money issues by non-licensed issuers. The consultation also covered the proposed "sandbox" arrangement to guide issuers intending to issue fiat stable money in Hong Kong.