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Source: Aiying Compliance
Yesterday, the Hong Kong Household Bureau and the Hong Kong HKMA implemented the legislative proposal of the regulatory system of the stable currency issuer in Hong Kong, and jointly publishedConsultation summaryAiying has sorted out the time node of the Hong Kong Stable Coin Implementation Policy, so that everyone can understand the current stage of this policy:
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January 2022: The Hong Kong Financial Administration (HKMA) issued a discussion document on crypto assets and stablecoins, inviting industries and public opinions.
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January 2023: The HKMA issued a consultation and summary of the discussion documents, summarized the feedback received, and clarified the initial direction of the regulatory framework.
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December 27, 2023: The Hong Kong Finance Affairs and Treasury Bureau (Treasury Bureau) and the HKMA jointly issued a consultation document on the proposed supervision system proposed by stable currency issuers to further solicit opinions from the public and industry.
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February 29, 2024: The deadline for public submissions.
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March 12, 2024: The Financial Management Bureau announced the “stable coin issuer sandbox” policy, allowing the issuance of stable coins in supervision sandboxes.
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July 17, 2024: The consultation summary was released, the public opinion and feedback were summarized, and legislative suggestions on the implementation of the stable coin issuer’s supervision system in Hong Kong.
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The next stage is submitted to the Legislative Council for review and issued relevant guidelines.
Today Aiying Aiying will take everyone to sort out the “Legislative Suggestions of the Stable Coin issuer’s supervision system for the implementation of the stable currency issuer” released yesterday.108 opinions.They come from group practitioners such as industry practitioners, financial institutions, professional associations and groups, academia and research institutions, and personal opinions.Through this week’s article “>Hong Kong Financial Authority and Finance Bureau: Stable Coin license supervision guidelines and suggestions“And this consultation summary, we can roughly predict the guidance requirements of the stable currency license plates reviewed by the Legislative Council in the later period.The following is the main content of this consultation compiled by Aiying Aiying:
1. Cover
Q1: Do you recognize the definition of “stable currency” and “fiat currency stabilization”?
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Most interviewees support existing definitions, but it is recommended to further refine it in the definition, such as clarifying the difference between “stable currency” and other types of encrypted assets, and clarifying how fiat currency stable coins are linked to the legal currency.
Q2: What are the opinions of the scope of custody and stable currency activity?
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Interviewees believe that the issuance activities of the stable currency of fiat currency should be focused, because they have the greatest impact on financial stability.At the same time, some respondents suggested that the specific scope of activities of “distribution”, such as the specific definition of distribution, circulation and redemption.
2. Legislation method
Q3: Is itRecognizeEstablish a new law to implement the regulatory system for the issuer of the stable currency, and cover other virtual asset activities as needed in the future?
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Most interviewees support the issuance of fiat currency stable currency through new laws to avoid repeated and conflict of the existing regulatory system.At the same time, some people suggest that new laws should have certain flexibility so that they can cover more types of virtual asset activities in the future.
Q4: Is itRecognizeFrom certain regulatory systems, such as the regulatory system of securities and storage payment tools, the issuance of fiat currency stable coins is excluded to avoid the supervision of many regulatory systems by the issuer of fiat currency stable coins?
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Most interviewees believe that the issuer of the fiat currency should be avoided by the overlap of the issuer of the stable currency. This can reduce the cost and complexity of compliance and ensure the effectiveness and pertinence of supervision.
3. French currency stable coin issuer supervision framework
Q5: What are the opinions of the issuer system of the issuer of the fiat currency stable currency?
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Most respondents agree that they need to supervise the issuer through the license system to ensure that they have sufficient reputation and ability.At the same time, some people suggest that the meaning of “active sales” is clear to avoid the vagueness of legal interpretation.
Q6: What are the suggestions and conditions of the suggestion?
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Interviewees support the establishment of licensed standards, including full reserve support, investment restrictions, separation and storage reserves assets, risk control procedures, disclosure and auditing, etc.Support strict licensing conditions, believe that this will help ensure the stability and transparency of the issuer, and prevent potential financial risks.
Q7: What are the opinions of the additional card issuing conditions for the authorization of the authority of the authority?
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Most respondents believe that financial management commissioners should have the right to apply additional conditions to the issuer according to market conditions and specific conditions to enhance the flexibility and adaptability of supervision.
Fourth, the custody and purchase service of fiat currency stable coins
Q8: What are the suggestions for the recommendations of the fiat currency stable currency purchase service?
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The interviewees believe that the sales services of fiat currency stable currency should be limited, and only qualified licensed institutions should be allowed to be performed. At the same time, some people suggest that more types of institutions should apply for licenses to promote market competition and innovation.
5. The power of the authorities revised the system
Q9: Do you support the power required by the authorities and adjust the scope of regulatory stable coins and activities?
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The interviewees believe that the power to adjust the regulatory scope to the authorities will help respond to market changes and emerging risks in a timely manner, and ensure the effectiveness and forward -looking of the regulatory system.
Q10: Is the recommended criteria and factors that the authorities can consider when exercising power and appropriate?
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Interviewees generally believe that the guidelines and factors that authorities should consider when exercising power are correlated and appropriate, which helps ensure the rationality and transparency of decision -making.
6. The supervision power of the financial management commissioner
Q11: What are the opinions of the financial management commissioner’s suggestion to hold the licensee?
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The interviewees believe that financial management commissioners should have extensive supervision power to ensure that the cardholders meet the requirements of regulatory and protect the stability of the financial market and user rights.
7. Investigation power of financial management commissioner
Q12: What are the opinions of the investigation power of the financial management specialist to give the financial management specialist to the investigation power of the licensed fiat currency to stabilize the coin?
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Interviewees generally support the financial management commissioner’s right to investigate licensed issuers to ensure that they meet the requirements of regulations and market norms.As well as
Eight, violation of regulations and sanctions
Q13: What are the advice on the violation of regulations and sanctions mechanisms, especially related sanctions, fines, and appeal mechanisms?
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Interviewees believe that a clear criminal and civil penalty mechanism should be established to punish illegal acts and play a warning role.At the same time, it is recommended to clarify the scope and degree of punishment to ensure the operability of the law.
Nine, transition arrangements
Q14: What are the comments on the proposal transition arrangement?
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The interviewees believe that a reasonable transitional arrangement should be established so that the existing issuers should meet new regulatory requirements.Some people recommend extending a period of not illegal to ensure that the industry has enough time to adjust and compliance.
