Degen

Hong Kong passed legislation on Wednesday creating a licensing regime for fiat-referenced stablecoins, advancing its goal of becoming a digital asset hub while responding to concerns over investor protection and financial stability.
The new law,passed by the city’s Legislative Council, requires FRS issuers to obtain a license from the Hong Kong Monetary Authority (HKMA). 
Licensees must comply with a range of requirements covering reserve asset management, redemption at par value, segregation of client funds, anti-money laundering controls, disclosure, and fitness and propriety standards.
"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," Christopher Hui, Secretary for Financial Services and the Treasury, said in a statement.