In January,
2023, the Hong Kong Monetary Authority
("HKMA") released its conclusions
("Stablecoin Licensing Proposal") on a
consultation for new proposed regulations of stablecoins, digital
assets designed to maintain a stable value by being pegged to a
specific asset or basket of assets. If you would like more
information on these new proposals or would like to find out how
these new proposals may affect you, please contact one of our
fintech lawyers.
The proposed new HKMA Stablecoin Licensing Proposal contemplates
that persons engaged in prescribed regulated activities would need
to apply for a license from the HKMA. These regulated activities
would include the issuance of stablecoins, the stabilization of
stablecoins and the operation of wallets for stablecoins. The
proposed new regulatory framework aims to promote the development
of stablecoins in Hong Kong while ensuring that they operate in a
safe and sound manner, protecting investors and promoting
