TechFlow News, June 24: According to a press release issued by the Hong Kong Government, today Secretary for Financial Services and the Treasury Christopher Hui stated in response to questions on stablecoin regulation at the Legislative Council that Hong Kong has fully considered the potential risks stablecoins pose to the financial system. It has explicitly required licensed stablecoin issuers to implement appropriate risk management measures—including investing reserve assets in bank deposits, high-quality and highly liquid bonds, and other eligible assets—and to hold such assets with banks in Hong Kong. Where necessary, the Hong Kong Monetary Authority (HKMA) may impose additional regulatory requirements on licensees, depending on circumstances, to safeguard financial stability. The HKMA will also promote exploration of synergies and interoperability between compliant stablecoins and other emerging payment tools, thereby creating value for the real economy and financial activities. Furthermore, only stablecoins purchased from designated, regulated institutions are protected under the Stablecoin Ordinance. Purchasing unregulated stablecoins through unregulated channels entails bearing all associated risks personally.
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