HKMA, FSTB Propose Mandatory Licenses for Fiat-Backed Stablecoin Issuers

The jurisdiction’s central bank, the Hong Kong Monetary Authority (HKMA), and the Financial Services and the Treasury Bureau (FSTB) are seeking feedback by Feb. 29. Fiat-referenced stablecoins are a type of cryptocurrency designed to maintain its value on par with sovereign currencies like the U.S. or Hong Kong dollar.