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Hong Kong Regulators Propose Mandatory Licenses for Fiat-Backed Stablecoin Issuers

Hong Kong financial regulators published proposals for supervising stablecoin issuers through a licensing regime and a regulatory sandbox to communicate "supervisory expectations and guidance on compliance" to prospective issuers. The jurisdiction's central bank, the Hong Kong Monetary Authority (HKMA), and the Financial Services and the Treasury Bureau (FSTB) are seeking feedback by Feb. 29. Fiat-referenced stablecoins are a type of cryptocurrency designed to maintain its value on par with sovereign currencies like the U.S. or Hong Kong dollar. Hong Kong is seeking to position itself as a regional crypto hub. It implemented a licensing regime for crypto service providers in June.

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