PANews reported on October 30 that at the Smartcon 2024 event in Hong Kong, Hong Kong Legislative Council member David Chiu said that the regulatory framework for stablecoins is expected to be submitted to the Hong Kong Legislative Council next month. The legislative process may take an additional two to three months, and it is planned to complete the legislative process at the beginning of next year. David Chiu said that the HKMA currently allows potential issuers to test business plans and application scenarios through the "Stablecoin Issuer Sandbox".
In addition, the Hong Kong government will complete the second round of public consultation on virtual asset over-the-counter trading (VAOTC) regulation next year. This regulatory measure will specifically target over-the-counter exchanges that operate in the form of physical stores or online platforms, are easily accessible to the general public, and provide spot trading of virtual assets.
In addition, Qiu Dagen also revealed that the Hong Kong government will submit a proposed licensing system for virtual asset custody services as soon as possible, and is expected to conduct public consultation next year. Once the system comes into effect, it will regulate the safe custody of digital assets to meet international standards and ensure that the risks involved are properly managed.
