The Hong Kong Stablecoins Bill has been introduced into the Legislative Council of Hong Kong, setting in motion for a regulatory framework on stablecoins in HK.

Under the proposed licensing regime, any person carrying on any of the following activities has to be licensed by the Hong Kong Monetary Authority :

1. issuing FRS in Hong Kong in the course of business;

2. issuing FRS that purport to maintain a stable value with reference to Hong Kong dollars in the course of business; or

3. actively marketing the person's issue of FRS to the public of Hong Kong.

The Bill also seeks to provide the HKMA with necessary supervision, investigation and enforcement powers for effective implementation of the regime.