Xu Zhengyu: Virtual Asset OTC Institutions Currently Not Considered "Stablecoin Providers" Under the "Stablecoin Regulation".
BlockBeats News, September 10th - According to a Hong Kong government press release, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, provided a written response to questions regarding the regulation of stablecoins in the Legislative Council meeting.
Hui stated that virtual asset over-the-counter trading firms currently do not fall under the category of "licensed offerors" under the "Stablecoin Provider" in the stablecoin regulation. Therefore, they cannot solicit designated stablecoins to retail or professional investors. To address the potential circumvention of regulation by unlicensed offerors, the Hong Kong Monetary Authority will strengthen publicity efforts to ensure compliance with the relevant requirements and will monitor stablecoin transactions in the market.
Hui emphasized that the Monetary Authority has not yet issued any licenses to any stablecoin issuers, and the public must bear their own risks when purchasing stablecoins through unregulated channels. Regarding the licensing regime for digital asset trading and custody service providers, Hui revealed that the Treasury and the Securities and Futures Commission recently completed a public consultation from June 27 to August 29 and are currently reviewing the consultation feedback to formulate the details of the licensing regime, with a legislative timeline to be announced in due course.
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