The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, moved the second reading of the "Stablecoin Bill"
According to ChainCatcher news, the Secretary for Financial Services and the Treasury, Christopher Hui, proposed the second reading of the "Stablecoin Bill" at the Legislative Council meeting today and hopes to pass it as soon as possible. The regulatory framework focuses on the following three points:
Licensees must maintain a robust reserve stabilization mechanism to ensure that the reserve assets of stablecoins consist of high-quality and highly liquid assets, with a total value at all times at least equal to the face value of the circulating fiat currency stablecoins, and properly segregated and safeguarded;
Holders of stablecoins should have the right to redeem stablecoins from the issuer at face value, with redemption requests processed without unreasonable fees and within a reasonable timeframe;
A series of requirements must be specified to combat money laundering, risk management, disclosure regulations, auditing, and appropriate candidates, among others.
