HK approves the new law for licensing fiat-based stable coins-regulation for issuers created under the main monetary authority

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Hongkong genehmigt neues Gesetz für die Lizenzierung von Fiat-unterstützten Stablecoins Hongkong hat ein neues Gesetz verabschiedet, das eine Lizenzierung von fiat-backed Stablecoins ermöglicht. Dieses Gesetz schafft einen klaren regulatorischen Rahmen für Anbieter von Stablecoins, die unter der Aufsicht der Hongkonger Monetary Authority (HKMA) operieren möchten. Stablecoins, die an traditionelle fiat-Währungen gebunden sind, bieten Nutzern eine …
Hong Kong approves New Law for the licensing of Fiat-supported StableCoins Hong Kong has passed a new law that enables Fiat-Backed stable coins. This law creates a clear regulatory framework for providers of stablecoins who want to operate under the supervision of Hong Kong Monetary Authority (HKMA). Stable coins that are bound to traditional Fiat currencies offer users a ... (Symbolbild/KNAT)

Hong Kong approves the new law for licensing fiat-supported stable coins

Hong Kong has passed a new law that enables a licensing of Fiat-Backed StableCoins. This law creates a clear regulatory framework for providers of stablecoins who want to operate under the supervision of Hong Kong Monetary Authority (HKMA).

stable coins that are bound to traditional Fiat currencies offer users stable value storage and enable quick transactions. With the new regulation, Hong Kong reacts to the growing interest and the demand for digital currencies and their integration into the regulated financial market.

Licing the Hong Kong Monetary Authority will enable issuers of stablecoins to offer their products in a legally secured environment. This measure could strengthen trust in stablecoins and increase their acceptance among private individuals and companies.

With this legislation,

Hong Kong positions itself as an important hub in the international fintech sector and shows his willingness to promote innovations in digital payment transactions while the necessary safety standards are observed at the same time.

Overall, the introduction of the new law is an important step for the future of cryptocurrencies and could further consolidate Hong Kong as the leading location for digital financial technologies.