According to Odaily, the Hong Kong Special Administrative Region’s Treasury Bureau and Financial Bureau, in conjunction with the Hong Kong Monetary Authority, have jointly released a public consultation document today. This document aims to gather opinions on legislative proposals for overseeing the issuance of stablecoins. The new legislation will introduce a licensing system, requiring all eligible fiat currency stablecoin issuers to obtain a license from the Monetary Authority. It will mandate that only designated licensed institutions can offer stablecoin services, and only legal tender stablecoins issued by licensed issuers can be sold to general investors. Additionally, the legislation proposes a ban on promotional advertising for these stablecoins.
