Hong Kong looks to release stablecoin regulations by mid-2024, lawmaker says

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By BitcoinWiki News

Key Takeaways:

– Hong Kong lawmaker Duncan Chiu stated that the city is conducting a second round of consultation for stablecoin issuance guidelines.
– Chiu hopes that regulatory guidelines for stablecoin issuers will be released in the middle of next year.
– Hong Kong has been welcoming crypto firms and officially started its crypto licensing regime in June.
– Experts have urged Hong Kong to issue its own stablecoin to compete with USDT and USDC.
– Hong Kong authorities have started investigating bad players under the crypto retail trading licensing regime.
– The police have arrested eight people in relation to cryptocurrency exchange JPEX and may make more arrests.
– Complaints have been received regarding failure to withdraw holdings at JPEX, with an estimated amount of HK$1.19 billion ($152 million) involved.


Hong Kong is currently in the second round of consultation for stablecoin issuance guidelines. Lawmaker Duncan Chiu hopes that regulatory guidelines for stablecoin issuers will be released in the middle of next year. Unlike mainland China, Hong Kong has been welcoming crypto firms and officially started its crypto licensing regime in June. In August, industry experts urged the Hong Kong government to issue its own stablecoin to compete with USDT and USDC. However, as stablecoin regulations are being formulated, authorities in Hong Kong have started investigating bad players in the crypto retail trading sector. The police have arrested eight people on suspicion of conspiracy to defraud in relation to cryptocurrency exchange JPEX, with more arrests possible. The police have received 1,641 complaints related to the JPEX case, involving approximately $152 million worth of assets.

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