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.
Mainland Civil and Commercial Legal Practice Training Course 2025 of Hong Kong International Legal Talents Training Academy concludes
The Mainland Civil and Commercial Legal Practice Training Course 2025, organised by the Hong Kong International Legal Talents Training Academy, concluded today (June 14). The two-day course is the first course held by the Academy specifically for the local legal sector, including barristers, solicitors, in-house counsel and dispute resolution practitioners. The course aims to deepen the local industry's understanding of the Mainland's civil and commercial laws and practical operations, and promote exchanges between Hong Kong and the Mainland's legal and dispute resolution sectors. The course attracted about 300 participants.
Addressing the opening ceremony, the Secretary for Justice, Mr Paul Lam, SC, said that Hong Kong and the Mainland have become more closely connected since Hong Kong's return to the motherland, with economic and trade activities becoming increasingly frequent. While many Mainland enterprises leverage Hong Kong as an internationalised platform to go global, overseas enterprises also invest in the Mainland through Hong Kong. The Academy specially organised this course to enable the local legal industry to gain in-depth understanding of the practice of civil and commercial law on the Mainland so that they can meet the actual needs arising from growing cross-boundary business, while improving their own competitiveness and expanding the room for their career development.
Addressing the closing ceremony, the Deputy Secretary for Justice, Dr Cheung Kwok-kwan, said that the leading position of Hong Kong in international arbitration continues to be reinforced and enhanced. The Department of Justice iscommitted to promoting the city's leading position in the field of arbitration in the Greater Bay Area and in the international community, as well as providing legal services of higher quality and competitiveness to the Mainland and around the world, so as to further establish Hong Kong's position as an international legal and dispute resolution services centre in the Asia-Pacific region.
The course covers various key areas of the Mainland civil and commercial legal practice. Through lectures and seminars, the course further enhances the understanding and knowledge of Hong Kong's legal and dispute resolution sectors on the practice and operation of the Mainland civil and commercial legal system, while providing a platform for exchange and co-operation between the Hong Kong and Mainland legal sectors. Speakers of the course comprise Mainland judges, academics, legal professionals, corporate representatives, arbitration practitioners and members of the Hong Kong International Legal Talents Training Expert Committee.
The Academy will continue to capitalise on Hong Kong's bilingual common law system and international status and provide platforms for capacity building, knowledge and experience sharing to Hong Kong, the Mainland as well as other jurisdictions, especially the legal talent in regions along the Belt and Road Initiative, to promote the exchange of international legal talent and reinforce Hong Kong's status as a centre for international legal and dispute resolution services in the Asia‑Pacific region, in order to develop Hong Kong into a capacity-building centre.
Mainland Civil and Commercial Legal Practice Training Course 2025 of Hong Kong International Legal Talents Training Academy concludes Source: HKSAR Government Press Releases
Mainland Civil and Commercial Legal Practice Training Course 2025 of Hong Kong International Legal Talents Training Academy concludes Source: HKSAR Government Press Releases
Mainland Civil and Commercial Legal Practice Training Course 2025 of Hong Kong International Legal Talents Training Academy concludes Source: HKSAR Government Press Releases
Mainland Civil and Commercial Legal Practice Training Course 2025 of Hong Kong International Legal Talents Training Academy concludes Source: HKSAR Government Press Releases
Mainland Civil and Commercial Legal Practice Training Course 2025 of Hong Kong International Legal Talents Training Academy concludes Source: HKSAR Government Press Releases
