{"id":384775,"date":"2023-12-27T15:31:20","date_gmt":"2023-12-27T15:31:20","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=384775"},"modified":"2023-12-27T15:31:20","modified_gmt":"2023-12-27T15:31:20","slug":"hong-kong-lawmaker-raises-concerns-over-proposed-stablecoin-regulations","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/hong-kong-lawmaker-raises-concerns-over-proposed-stablecoin-regulations\/","title":{"rendered":"Hong Kong lawmaker raises concerns over proposed stablecoin regulations"},"content":{"rendered":"<p>Earlier today, Hong Kong's financial regulators\u2014the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA)\u2014released a <a href=\"https:\/\/www.hkma.gov.hk\/eng\/news-and-media\/insight\/2023\/12\/20231227\/\">joint statement<\/a> about a new regulatory framework for stablecoins, a type of cryptocurrency designed to minimize the volatility of the price, typically tied to a reserve asset like the U.S. dollar.<\/p>\n<p data-v-03de5780=\"\"><span data-v-03de5780=\"\">However, <\/span>Hong Kong Legislative Council member Johnny Ng has expressed concerns about this regulatory proposal in a Dec. 27 post on social media platform X (formerly Twitter).<\/p>\n<h2>Stablecoin regulation<\/h2>\n<p>Under the regulatory proposal, Hong Kong wants to oversee the activities of fiat-referenced stablecoins (FRS) and mandates issuers of these assets to obtain local licensing to operate.<\/p>\n<p>The license will necessitate stablecoin issuers to back their assets fully, maintaining high-quality and highly liquid reserves with minimal risks. Furthermore, these reserves must remain separate from the issuers' other assets.<\/p>\n<blockquote><p>&#8220;The licensee would also need to comply with relevant governance, risk management and AML\/CFT measures.\u00a0 We also intend to put in place necessary guardrails for entities other than the stablecoin issuers who would like to offer or distribute stablecoins.\u00a0 In particular, only stablecoins issued by licensed issuers could be offered to retail investors,&#8221; the regulators stated.<\/p><\/blockquote>\n<p>Additionally, the proposal mandates that these firms establish a local presence within Hong Kong. This local entity should include a Chief Executive, senior management team, and key personnel based in the country.<\/p>\n<p>The proposal invites public feedback and contributions until February 29, 2024, and follows a prior discussion paper regarding stablecoins <a href=\"https:\/\/www.hkma.gov.hk\/eng\/news-and-media\/press-releases\/2022\/01\/20220112-3\/\">published<\/a> by the HKMA in 2022.<\/p>\n<p>Meanwhile, these regulatory efforts further indicate Hong Kong's <a href=\"https:\/\/cryptoslate.com\/hong-kong-to-accelerate-web3-innovation-in-region-with-50-million-spend\/\">pro-crypto regulations<\/a> designed to position it as a crypto hub. Last week, <em>CryptoSlate<\/em> <a href=\"https:\/\/cryptoslate.com\/hong-kong-financial-regulators-are-prepared-for-spot-crypto-etf-applications\/\">reported<\/a> that Hong Kong\u2019s Securities and Futures Commission (SFC) and HKMA revealed their readiness to accept applications for spot crypto exchange-traded funds (ETFs).<\/p>\n<h2>Concerns<\/h2>\n<p>In his <a href=\"https:\/\/twitter.com\/Johnny_nkc\/status\/1739915243160289562\">statement<\/a> on X, Ng emphasized the importance of regulators acknowledging the presence of major global stablecoins like Tether (USDT), USD Coin (USDC), etc., already in circulation, potentially failing to seek licensing.<\/p>\n<p>According to him, if these international stablecoin companies do not apply for licenses in Hong Kong, the regulatory authorities should explore how such coins could be traded on licensed exchanges.<\/p>\n<p>He noted that a failure to address this could disrupt crypto transactions and reduce trading volumes, leading to unintended repercussions in the market.<\/p>\n<p>Additionally, Ng highlighted concerns about the policy's ambiguity regarding stablecoin applications and potential transaction fees.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier today, Hong Kong&#8217;s financial regulators\u2014the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA)\u2014released a joint statement about a new regulatory framework for stablecoins, a type of cryptocurrency designed to minimize the volatility of the price, typically tied to a reserve asset like the U.S. dollar. However, Hong Kong [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":384787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32631],"tags":[78147,76988],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hong Kong lawmaker raises concerns over proposed stablecoin regulations<\/title>\n<meta name=\"description\" content=\"Hong Kong continues its crypto regulatory efforts by proposing a framework tailored to stablecoins, but not everyone is satisfied with the plan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/hong-kong-lawmaker-raises-concerns-over-proposed-stablecoin-regulations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hong Kong lawmaker raises concerns over proposed stablecoin regulations\" \/>\n<meta property=\"og:description\" content=\"Hong Kong continues its crypto regulatory efforts by proposing a framework tailored to stablecoins, but not everyone is satisfied with the plan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/hong-kong-lawmaker-raises-concerns-over-proposed-stablecoin-regulations\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-27T15:31:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/hong-kong.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/hong-kong-lawmaker-raises-concerns-over-proposed-stablecoin-regulations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/hong-kong-lawmaker-raises-concerns-over-proposed-stablecoin-regulations\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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