Eddie Yue, Chief Executive of the Hong Kong Monetary Authority: Stablecoin framework to be submitted for approval early next year, OTC regulation under study

According to a report by Oriental Daily News, Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, stated that a public consultation on the regulatory framework for stablecoins has been conducted. Following a second consultation, it is expected to be submitted for legislation in early next year.

Hong Kong to Regulate Stablecoins

According to Eddie Yue, once there is a clear regulatory framework for stablecoins, stablecoins will naturally emerge in the market, and regulatory authorities will ensure that issuers are subject to high standards of regulation to protect investors.

As reported by TechFlowPost, Xiao Feng, the founder of Hashkey Group, announced during a speech that Hashkey Group will collaborate with Circle and Zhongan Bank to issue stablecoins in Hong Kong.

Related Topics: Taiwan's FSC is still deliberating on regulating stablecoins, no specific legislation proposed yet

Related Topics: HSBC, Hang Seng Bank, and VISA experiment with digitizing Hong Kong dollars for deposit applications

Regulation of OTC Trading Under Study

Christopher Hui, the Secretary for Financial Services and the Treasury of Hong Kong, also mentioned that they are studying the inclusion of over-the-counter (OTC) traders in regulation, focusing on the aspects of "who will regulate," "how to regulate," and "what to regulate."

While Taiwan currently includes OTC traders in its anti-money laundering regulations, the guiding principles mostly target exchanges, and self-regulatory rules for OTC traders may be developed through industry associations.