HKSAR Government Secretary for Financial Services and the Treasury Francis Hui said on the 7th that the HKMA is currently consulting the market on the guidelines for the implementation of the ordinance, which will be published this month, the details will cover anti-money laundering and other related requirements.
Hui also indicated that the number of stable currency licences granted would be in single digits and he looked forward to receiving applications after the commencement of the ordinance, with the aim of issuing licences this year. As for whether a licensed financial institution could issue a stable currency linked to the renminbi, he said it would be necessary to discuss with the relevant institution if currencies in other jurisdictions were involved.
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The government of the Hong Kong Special Administrative Region welcomes the passage of the stability currency bill by the Legislative Council on May 21. To maintain financial stability and promote financial Sunac, the bill seeks to improve the regulatory framework for virtual asset activities in Hong Kong by establishing a licensing regime for issuers of Fiat currency stability coins.
After the enactment of the ordinance, any person who, in the course of his business, issues in Hong Kong or outside Hong Kong a fiat currency stability note claiming to be pegged to the value of the Hong Kong dollar, a licence must be obtained from the monetary authority.