Hong Kong's "Stablecoin Regulation Bill" has been submitted to the Legislative Council for first reading.

BlockBeats News, December 26th, according to Cointelegraph, on December 6th, the Hong Kong government published the "Stablecoin Regulation Draft" in the "Hong Kong Special Administrative Region Gazette," bringing it closer to becoming law. On December 18th, the bill was introduced to the Hong Kong Legislative Council for first reading. Before the bill can be signed into law, it must go through three readings, including a series of debates, reviews, and potential amendments. Once the bill passes the three readings, it will be forwarded to the Chief Executive of the Hong Kong government for signing into law.

The Stablecoin Regulation consists of three key components, including designated stablecoin issuer licensing and requirements, designated stablecoin issuance and marketing restrictions, and broader consumer protection. After the bill is signed into law, stablecoin issuers in Hong Kong will need to obtain a license from the Hong Kong Monetary Authority (HKMA), the central banking institution of the Hong Kong Special Administrative Region. Issuers must comply with comprehensive requirements to receive the license. Regulators will assess the issuer and its controllers, resources, stablecoin, reserve assets, and the mechanism stabilizing its value. Moreover, only regulated entities and platforms will be allowed to offer stablecoins in Hong Kong or sell them to the public.