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Hong Kong continues to position itself as a global leader in digital assets by unveiling its draft of the «Stablecoins Regulatory Framework» to the Legislative Council on December 18. This development seeks to create a robust regulatory environment that combines innovation, financial stability and consumer protection in the growing stablecoin market.
Regulatory framework details
The bill states that:
Key statements
Yu Weiwen, chairman of the Hong Kong Monetary Authority, said:
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“We believe that a strong regulatory environment can help promote the sustainable and responsible development of the stablecoin ecosystem in Hong Kong.”
The draft, developed after extensive consultation with the industry, is presented as a model that combines regulation with the promotion of technological innovation.
Global impact
This move not only reinforces Hong Kong’s position as a digital financial center, but could also serve as a reference for other countries seeking to regulate stablecoins, a market with great potential and challenges.
The progress of the regulatory framework will be closely watched, as it promises to mark a milestone in the evolution of digital assets and their integration with traditional financial systems.
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