On 12 January 2022, the HKMA issued a discussion paper on crypto-assets and stablecoins and invited feedback from stakeholders who are come from the industry, public bodies, business and professional organisations, and individuals. By the end of 31 March 2022, the HKMA received total 58 submissions. Respondents are agreed the HKMA’s proposal of bringing stablecoins into the regulatory perimeter. In addition, the respondents suggested it could be a risk-based and agile approach when regulating stablecoins. The conclusion of discussion paper outlines key parameters that HKMA need to consider, they are about the ownership, governance and management, financial resources requirements, risk management, anti-money laundering and counter-terrorist financing, user protection, and regular audits and disclosure requirements. The HKMA is still considering how to balance between a new legislation adoption and existing laws amendment for implementation of the regulatory regime. It target it could finish it by 2023 or 2024.
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