Government welcomes passage of Stablecoins Bill
The Government welcomed the passage of the Stablecoins Bill by the Legislative Council today (May 21) to establish a licensing regime for fiat-referenced stablecoins (FRS) issuers in Hong Kong, to further enhance Hong Kong's regulatory framework on virtual-asset (VA) activities, thereby fostering financial stability and encouraging financial innovation.
Upon implementation of the Stablecoins Ordinance, any person who, in the course of business, issues an FRS in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to Hong Kong dollars in or outside Hong Kong will need to obtain a licence from the Monetary Authority (MA). The relevant persons must satisfy the requirements in areas such as reserve asset management and redemption, including proper segregation of client assets, maintaining a robust stabilisation mechanism, and processing stablecoin holders' requests for redemption at par value with reasonable conditions. The relevant persons must also comply with a range of requirements, including those on anti-money laundering and counter-terrorist financing, risk management, disclosure and auditing, and fitness and propriety. The MA will conduct further consultations on the detailed regulatory requirements of the regime in due course.
The regulatory regime will provide better protection for the general public and investors. Among others, under the Ordinance, only specified licensed institutions may offer an FRS in Hong Kong, and only an FRS issued by a licensed issuer may be offered to a retail investor. Additionally, to prevent fraud and scams, at all times (including the six-month non-contravention period), only advertisements of licensed FRS issuance are allowed. Members of the public are advised to take note of the above and exercise care when receiving FRS-related advertising materials or messages.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The Ordinance adheres to the 'same activity, same risks, same regulation' principle, with a focus on a risk-based approach to promote a robust regulatory environment. This is not only in line with international regulatory requirements, but also lays a solid foundation for Hong Kong's virtual asset market, which, in turn, promotes the sustainable development of the industry, protects users' rights and interests, and strengthens Hong Kong's status as an international financial centre."
The Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue, said, "The Ordinance has established a risk-based, pragmatic, and flexible regulatory regime. We believe that a robust and fit-for-purpose regulatory environment would provide favourable conditions to support the healthy, responsible, and sustainable development of Hong Kong's stablecoin and the broader digital asset ecosystem."
The Ordinance is expected to come into effect this year, to allow sufficient time for the industry to understand the requirements under the licensing regime. The regime also provides for a transitional arrangement to facilitate the industry in applying for a licence and making suitable business arrangements in accordance with the regulatory regime.
The Government will continue to support the development of the VA sector. Following the implementation of the VA trading platform and stablecoins issuers regulatory regimes, the Government will soon launch consultations on VA over-the-counter and custodian services, and promulgate the second policy statement on the development of VAs.
DH reminds parents to register children for three key services in new school year: annual health assessments, school dental care and seasonal influenza vaccinations
As students are going to head back to class for the new school year, the Department of Health (DH) today (August 27) reminded parents not to miss the three "must have" services prepared by the DH for students, including the Student Health Service, the School Dental Care Service (SDCS) and the Seasonal Influenza Vaccination School Outreach Programme (SIVSOP). The DH also urged parents to pay closer attention to their children, actively listen to them and provide appropriate support. Parents should serve as role models and help establish a regular daily routine, so that their children can embrace school life with a positive and proactive mindset and address challenges in the new school year.
Student Health Service
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Children and adolescents undergo rapid physical and psychological development during their primary and secondary school years. To safeguard healthy growth, the Student Health Service (SHS) under the DH provides comprehensive annual health assessments for all primary and secondary students in Hong Kong. Services include growth monitoring; screenings for vision, hearing and scoliosis; physical examination; health assessment questionnaires on health behaviours and psychosocial well-being; individual health counselling; health education; and mop-up vaccinations. Some potential health issues of adolescents may sometimes be difficult for their parents to detect in daily life. Through a series of assessments, the DH helps parents understand their children's health conditions early on and identify potential health risks. The Special Assessment Services of the SHS under the DH has optometrists, audiologists, dietitians and clinical psychologists who provide further assessments for students. Students in need are also referred to specialist clinics or other appropriate institutions for assessment and follow-up services if necessary. This comprehensive approach safeguards students' physical and mental health.
Participation in the health assessment service each year enhances students' health awareness and health literacy, helping them better manage their health conditions, and cope with the physical and mental challenges of adolescent development, academic pursuits and growing up.
During the 2024/25 school year, approximately 19 000 students (accounting for 4.3 per cent of the total student population) who received the DH's annual health assessment service were referred to the Hospital Authority for further assessment due to various health issues. Reasons for referral mainly included growth and development, such as weight (obesity or being underweight), vision, hearing and scoliosis.
School Dental Care Service
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The SDCS encourages students to pay attention to their oral hygiene and develop good oral care habits to prevent dental disease. Primary school students and students aged under 18 years old with an intellectual disability and/or physical disability studying in special schools in Hong Kong can join the SDCS. Enrolled students will be scheduled for an annual dental check-up and basic dental treatment at a school dental clinic near their school.
In the 2024/25 school year, approximately 310 000 students participated in the SDCS and over 90 per cent of participants were rendered dentally fit after receiving the services. The Government's Report of Oral Health Survey 2021 revealed that, compared globally, the tooth decay status of permanent teeth among 12-year-old students in Hong Kong was at a highly satisfactory level, with a very low proportion of untreated decayed tooth and almost no missing teeth, demonstrating the effectiveness of the SDCS in prevention, early detection and early treatment of tooth decay.
Enrolment methods
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The DH has distributed school-specific enrolment QR codes to primary and secondary schools in Hong Kong. The QR codes will be effective on September 1. By then, parents or students only need to scan the QR code provided by their school to join the above two services at the same time. They should complete and submit the required information online by September 14.
In the 2025/26 school year, a total of 293 000 primary students participated in both the SHS and the SDCS, accounting for approximately 91 per cent of all primary students in Hong Kong. Among secondary students, 230 000 participated in the SHS, with a participation rate of approximately 66 per cent.
The DH earnestly encourages parents to enrol their children in the above two services mentioned above. For enquiries regarding the enrolment methods, please contact the service units listed below or visit the websites:
Student Health Service Tel: 2856 9133
Website: www.studenthealth.gov.hk
School Dental Care Service Tel: 2928 6132
Website: www.schooldental.gov.hk
Seasonal Influenza Vaccination School Outreach Programme
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To provide convenience to both students and parents, the Government has introduced a new Electronic Consent Form (e-consent form) feature through the eHealth mobile application in the upcoming 2026/27 SIVSOP. Starting from August 17, parents can use the e-consent form to submit consent forms for their children to receive seasonal influenza vaccinations (SIV) under the SIVSOP. This new measure makes it easier for parents to submit consent forms for their children before the start of the school year and streamlines the administrative procedures for schools and healthcare service providers, enabling students to receive SIV earlier and safeguard their health. For details, please refer to the press release issued by the DH earlier.
Source: AI-found images
