Hong Kong will potentially launch stablecoin regulations by mid-2024
Hong Kong is aiming to finalize stablecoin regulation s by mid-2024 , highlighting the territory’s contrasting approach to mainland China. Legislative Council member Duncan Chiu has signaled that Hong Kong is on track to finalize its stablecoin regulations by mid-2024. The announcement was made at the Shanghai Blockchain International Week, according to a local news outlet. Hong Kong potentially wants to establish the region as a web3 nexus, driven by regulations and diverging from China’s more restrictive stance on cryptocurrency. Regulatory roadmap for Hong Kong’s stablecoin regulation Chiu revealed that the legislative body is presently in its second consultation phase to formulate guidelines for stablecoin issuers. This marks a significant step in the region’s effort to foster a crypto-friendly environment, as it follows the introduction of a licensing system for cryptocurrency exchanges back in June. The licenses permitted the exchanges to offer...