ChainCatcher news, the Hong Kong government aims to submit a stablecoin issuer system to the Legislative Council for review by the end of the year, with interest expressed by international large stablecoin issuers. Jeremy Allaire, co-founder and CEO of Circle, the world's second-largest stablecoin issuer USDC, stated that Hong Kong is an important market for USDC and is looking to hire more employees and establish a business in Hong Kong, waiting for the new stablecoin regulations to be released before considering applying for a license.In addition, Chen Qinqi, Vice President of Circle Asia Pacific, stated that Hong Kong has significant advantages in developing stablecoins, including the ability to achieve same-day USD settlement, being the largest capital market in the Asia-Pacific region, and factors such as backing from the mainland market. He believes that Hong Kong has the opportunity to develop into an international stablecoin center and is confident that there will be considerable market demand for the Hong Kong version of stablecoins.

ChainCatcher news, according to News.bitcoin, Brazil's central bank president Roberto Campos Neto plans to accelerate the regulation of asset tokenization and stablecoins before 2025. The bank will release new consultation opinions this month to gather more feedback on the approval of the country's VASP operational rules.In a recently aired program, Campos Neto claimed that the bank is also developing rules for virtual asset service providers (VASP). He revealed that the bank will launch a public consultation to seek opinions on the draft regarding the "conduct, organization, and authorization processes" of these entities.

ChainCatcher news, according to Cointelegraph, Binance recently stated that the upcoming EU regulation on crypto assets (MiCA) will be a key milestone for global stablecoin regulation. The legislation is set to come into full effect on December 30, 2024, and is the first comprehensive regulatory framework for crypto.A Binance spokesperson emphasized that MiCA will enhance market stability and consumer protection while promoting innovation by establishing clear rules for issuance, reserve management, and redemption. The legislation is expected to become a global benchmark, encouraging other jurisdictions to develop compatible frameworks and improve cross-border compatibility.However, a report from Binance pointed out that the strict implementation of MiCA could pose challenges for stablecoin providers. The report stated that if the regulations are interpreted strictly, decentralized finance (DeFi) protocols may need to comply with the same licensing and KYC requirements as traditional financial service companies, which could be difficult for many DeFi protocols to accept.

ChainCatcher news, U.S. Senator Bill Hagerty, who supports cryptocurrency, has released a legislative discussion draft aimed at creating a regulatory framework for stablecoins, which is very similar to the ongoing work in the House of Representatives. Republican Hagerty stated in a press release on Thursday that his legislative draft "provides much-needed regulatory clarity." The draft is very close to the "Clarity for Payment Stablecoins Act" drafted in the House by Republican Congressman Patrick McHenry and Democrat Maxine Waters.Hagerty's draft adopts the structure of the House bill while dividing federal regulation into the Federal Reserve's oversight of banks and the Office of the Comptroller of the Currency's oversight of non-bank entities. The draft will include a provision that issuers exceeding a $10 billion threshold may receive exemptions from federal regulators and continue to be governed by their respective states. The legislative draft also includes maintaining dollar-denominated foreign exchange reserves on a one-to-one basis.

ChainCatcher news, according to decrypt, Circle Vice President Yam Ki Chan stated at the Korea Blockchain Week that the U.S. may be lagging behind other major regions globally in terms of federal-level stablecoin regulation.Compared to the EU's MiCA regulations and Hong Kong's stablecoin framework, the U.S. has yet to establish a national unified regulatory approach. Currently, U.S. states primarily regulate stablecoins based on existing money transmission laws, leading to fragmented regulation. Although the "2023 Payment Stablecoin Clarification Act" has passed in the House committee, it still requires further legislative procedures. Chan emphasized that the U.S. needs to upgrade its regulatory framework and believes that the upcoming elections could be an opportunity to reshape the discussion around cryptocurrency policy.

ChainCatcher news, the board of the Central Bank of the United Arab Emirates (CBUAE) has approved the release of regulations for the licensing and regulation of stablecoins, which clarify the issuance, licensing, and regulation of payment tokens backed by the UAE Dirham (AED). UAE lawyers stated that payment tokens must be backed by the UAE Dirham (AED) and cannot be pegged to other currencies, digital assets, or algorithms. Merchants and service providers can only accept AED-backed tokens and cannot accept other virtual assets.

ChainCatcher message, Binance published an article explaining the implications of the MiCA stablecoin rules and how Binance will comply. The new stablecoin rules under the European Union's Markets in Crypto-Assets (MiCA) framework will take effect on June 30, 2024, impacting stablecoins and the broader digital asset market across the European Economic Area (EEA). Binance will restrict EEA users from using unauthorized stablecoins, implementing phased changes and product restrictions to ensure compliance and minimize market disruption. Binance's approach will be to transition users from unauthorized stablecoins to regulated stablecoins as the number of regulated stablecoins in the market increases, thereby smoothly achieving the goals of MiCA.

ChainCatcher news, April 25, according to Bloomberg, Maxine Waters, the Democratic leader of the House Financial Services Committee, predicted on Wednesday that she and Chairman Patrick McHenry would soon reach an agreement on stablecoin regulatory legislation. Waters stated in an interview, "We are working to achieve a stablecoin bill in the short term." She added that she has discussed stablecoins with Senate Majority Leader Chuck Schumer and Senate Banking Committee Chairman Sherrod Brown, and noted that the Federal Reserve, the Treasury Department, and the White House are all involved in drafting the bill.Waters said, "This is to ensure that investors and the public are protected. We must ensure they have assets backing stablecoins." Federal regulation could lend legitimacy to this asset class, potentially leading to broader adoption.

ChainCatcher news, the Bank of England shared its plans for regulating stablecoins in a discussion paper released on Monday, with the Bank of England set to regulate systemic stablecoins and their issuers.The UK government stated last week that the Financial Conduct Authority (FCA) will oversee the cryptocurrency industry, including stablecoin providers. Additionally, legislation for fiat-backed stablecoins is expected to be introduced early next year.

ChainCatcher news, the UK's Financial Conduct Authority released new cryptocurrency advertising rules on Thursday guidance. The new regime by the UK's Financial Conduct Authority had previously come into effect on October 8, and the regulator has now placed 221 companies it deems non-compliant with the new regime on a warning list, stating that it will soon publish a discussion paper outlining regulatory proposals for the use of stablecoins in UK payments.

ChainCatcher news, the Monetary Authority of Singapore (MAS) has published the document "MAS Finalizes Stablecoin Regulatory Framework." The MAS stablecoin regulatory framework will apply to single-currency stablecoins (SCS) issued in Singapore that are pegged to the Singapore dollar or any G10 currency. Issuers of such SCS must meet the following key requirements:Value Stability: SCS reserve assets will be subject to requirements regarding their composition, valuation, custody, and auditing to ensure high assurance of value stability.Capital: Issuers must maintain minimum base capital and liquid assets to reduce bankruptcy risk and orderly wind down operations when necessary.Redemption at Par: Issuers must return the par value of the SCS to holders within five working days of a redemption request.Disclosure: Issuers must provide appropriate disclosures to users, including information about the SCS value stabilization mechanism, rights of SCS holders, and the results of reserve asset audits.Only stablecoin issuers that meet all the requirements under this framework can apply to MAS for their stablecoin to be recognized and labeled as "MAS-regulated stablecoin."

ChainCatcher news, according to RTHK, the Deputy Secretary for Financial Services and the Treasury, Chen Haolian, stated that the Hong Kong Monetary Authority has publicly sought opinions on the regulatory policy for stablecoins and will establish a regulatory framework, aiming to launch it by the end of next year.Chen Haolian mentioned that the Hong Kong government is focusing on developing Internet 3.0. Earlier, it had issued a policy declaration for the development of virtual assets, adopting the principle of "same business, same risks, same rules" for regulation. He believes this will allow the industry to develop steadily in Hong Kong while also protecting investors and ensuring that anti-money laundering rules meet international standards. (Source link)

ChainCatcher news, according to CoinDesk, there are differences in stablecoin regulation between the G7 and G20. The developed economies that make up the G7 seem more willing to allow and regulate stablecoins, while the emerging economies represented by the G20 are calling for stricter restrictions, even a ban. Both have committed to implementing the FATF's anti-money laundering rules for cryptocurrencies.Two senior officials participating in the forum discussions stated that the differences between the two institutions could hinder the acceptance of global standards for stablecoins, or at least potentially undermine the unified regulation envisioned by global financial regulatory bodies. (Source link)

ChainCatcher news, May 10, New York Assembly "Bill No. 7024" proposed new legislation allowing the use of stablecoins for bail payments. The bill indicates that the currently authorized methods for paying bail include cash, insurance, and credit cards, but it plans to amend the law to add stablecoins as an additional payment method. However, it does not specify which particular stablecoins are allowed. (Source link)

ChainCatcher news, according to Bloomberg, during a hearing on stablecoins held by the House Financial Services Committee on Wednesday local time in the U.S., there were disagreements between Democrats and Republicans. The chairman of the Financial Services Committee, Republican Patrick McHenry, stated that a draft stablecoin bill released this month lays the groundwork for establishing a federal framework, which is the result of negotiations he had with the committee's Democratic leader Maxine Waters. However, Democratic member Waters indicated that the negotiations were never completed, and many events occurred during that time, including the bankruptcy of FTX, so the negotiations should start from scratch. She also mentioned that Republicans have planned to draft their own separate bill.It is reported that after the collapse of TerraUSD, stablecoin regulation has become a hot topic of discussion. However, there are disagreements between the two parties on how to regulate, which may hinder the swift establishment of a legislative agreement. (Bloomberg)

ChainCatcher news, U.S. Senator Sen. Kirsten Gillibrand stated that she hopes to introduce a stablecoin regulatory bill in the coming weeks, which she co-introduced with Senators Patrick Toomey and Cynthia Lummis. Sen. Kirsten Gillibrand mentioned that there will be a request for at least a hearing in the "Senate Banking Committee," and a vote may take place in Congress. (source link)