The two-month consultation period ended on 29 February 2024. A total of 108 submissions were received from a wide variety of respondents comprising market participants, industry associations, business and professional organizations, individuals, etc. The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have also been actively engaging in discussions with the industry as well as other relevant stakeholders to keep abreast of market developments, with a view to ensuring that the regulatory regime is fit-for-purpose.
💬 Comments received indicated that there is overall support for the policy objectives and the key proposals. The majority of respondents agreed that a well-regulated environment is a prerequisite for sustainable and responsible development of the stablecoin ecosystem in Hong Kong. Taking into account the feedback received, international discussions as well as the latest market developments, the Financial Services and the Treasury Bureau (FSTB) and Hong Kong Monetary Authority (HKMA) will take forward the legislative proposal to implement a regulatory regime for issuers of fiat-referenced stablecoin (“FRS”) in Hong Kong.
🔍 Respondents provided constructive feedback on the proposed regulatory requirements for FRS issuers, while some also sought further clarification. We have carefully considered the comments received and incorporated them as appropriate. This consultation conclusions paper (“Conclusions Paper”) summarises the key feedback received as well as our responses and should be read together with the Consultation Paper.
