Hong Kong Financial Services and Treasury Bureau Deputy Secretary: Plans to submit a draft legislation on stablecoin regulation to the Legislative Council before the end of the year

At the 2024 Hong Kong SmartCon conference held by ChainLink, Chan Ho-lim, Deputy Secretary for Financial Services and the Treasury of Hong Kong, said that the Hong Kong government had previously completed a public consultation on the stablecoin regulatory framework and received more than 100 opinions from stakeholders and market participants within 2 months. At present, relevant departments of the Hong Kong government are completing the necessary preparations and plan to submit a draft stablecoin legislation to the Legislative Council before the end of the year. Subsequently, a second round of public consultation will be conducted on the regulatory proposal for over-the-counter virtual asset transactions and a licensing system for virtual asset custody service providers will be proposed to ensure that the safe custody of digital assets meets international standards.