HKMA launches the stablecoin issuer sandbox arrangement

HKMA announced the launch of stablecoin issuer sandbox. Through implementing the regulatory regime proposal for stablecoin issuer, the regulatory wishes to leverage the sandbox to communicate supervisory expectations to parties interested in issuing fiat referenced stablecoins in Hong Kong and obtaining feedback from participants on proposed regulatory requirements. The sandbox will be an effective channel for the HKMA and the industry to exchange views on the proposed regulatory regime, and will facilitate the formulation of fit-for-purpose and risk-based regulatory requirements, which is key to promoting the sustainable and responsible development of the stablecoin issuance business.

 

Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/03/20240312-4/