- Hong Kong will exceed the Stablecoin legislation and will bring relevant licenses during the year.
- New rules will cover OTC virtual asset trade and surveillance services.
Hong Kong will soon exceed the Stablecoin legislation and will create license rules for overnight transactions and digital assets for custody services. Mali Secretary Paul Chan announced During the Hong Kong Web3 Festival on Monday, plans point to the pressure of the city’s web3 policy.
The new legislative framework will include compliance licenses for OTC and custody enterprises. In addition, licensed spot exchange funds (ETFs) will receive permission to provide pile services. Hong Kong will also investigate the legislative steps for the existence of the existence of different market organizations.
Hong Kong compresses web3 laws
Later this year, the government will publish a second policy statement on virtual asset development. This is based on the first expression From October 2022, which summarizes a high -level virtual asset roadmap. The upcoming update will focus on using web3 technologies to support traditional financing, support the real economy and develop digital assets.
Chan emphasized the need to create a balanced environment. Authorized, the regulatory framework should maintain innovation while maintaining the market integrity, he said. Hong Kong’s approach continues to support growth without sacrificing stability.
So far, the commission of securities and term transactions has licensed the ten virtual asset trade platform. At the same time, the city has become the largest virtual virtue ETF market in the Asia-Pacific region. The planned stablecoin regulations will strengthen this progress with an expected license regime before the end of the year.
Meanwhile, the government is conducting consultations to organize OTC trade and custody services. These steps aim to provide surveillance and consistent rules in the virtual asset sector.
Chan stressed that the arrangement alone is not enough. Emphasized the importance of cooperation between governments, regulators and private stakeholders. This multi -stakeholder approach will help to direct sustainable web3 development throughout the limits.
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