Hong Kong’s Stablecoin Regulation Update: Stablecoins Bill Key Takeaways

Following on from the joint consultation by the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority in July this year, the Hong Kong government has published the Stablecoins Bill (the “Bill”) which had its first legislative reading on 18 December 2024. 

This proposed legislation is the first step towards establishing a regulatory framework for stablecoins in Hong Kong, with more detailed implementing guidelines to follow.

This alert considers some of the key issues from the Bill and revisits some of the key threshold questions around the future stablecoin regulatory regime in Hong Kong.