Hong Kong transmits Stablecoin bill as the government recognizes the digital asset

Hong Kong has passed a Stablecoin bill On Wednesday, the government is to expand the crypto-licensing regime as the government recognizes the digital asset.

Unlike volatile digital assets such as Bitcoin, the value of Stablecoins is connected to a real world asset as financial resources or gold goods.

The new law is aimed at Fiat-Referite Stablecoins – Stablecoin issuers meet a number of requirements, including the Hong Kong money organization and proper management of assets and the distribution of customer assets.

This will include “Promoting Financial Innovation” and the financial innovation, which promotes Hong Kong’s Virtual-Asset (VA) activities, and financial innovation, “he said. He added that after the detailed regulation will take later consultations.

Hong Kong Government said a statement Stablecoins policy is expected to take effect this year, which is allowed to understand industry requirements “enough time.”

In 2023 Hong Kong introduced it Virtual Active License The city requires a regime that requires cryptocurrency companies in the city to apply for licenses and to offer digital assets in the city’s retail investors in the city. However, the existing policy did not include stablecoins in Purview.

“Hong Kong’s new Stablecoin policy, CNBC, a global benchmark in a guarantee of serious refund guarantee, serious refund guarantee,” Risk and Strategy Director of Yefeng Gong, Box OTC “Hashkey OTC, Hashkey Group in Hong Kong It’s a tradeful arm.

Politics “provides institutional reliability for traders when placing Hong Kong as a leader in eligible digital finance.”

The action from Hong Kong comes in a few days after the US Senate The genius actionIf implemented, Stablecoins will build the first adjustment base for the issuers.

An adjustable push, global scale, EU, Singapore, United Arab Emirates and Japan, including other jurisdictions, including their own regulation frames, each other chain exploration company report Wednesday.

Chengyi Ong of the Asia-Pacific policy in CNBC’s Hospital Chengyi Ong is expected to help CNBC’s cryptist and legality of the most rules.

“(Stablecoins) The ecosystem of Crypto is the ecosystem, but reveals its doors to use traditional financial, traditional financial charges, traditional financial charges, as slowly border payments and settlements. “

“This potential transformative assistance program will take steps to regulatory regimes, which will facilitate the emerging from Asia from Asia from Asia, in Europe,” he said.

According to Sanjiability, Stablecoins are the total market cap about $ 232 billion Like this month.