According to a new Legislative Council bulletin, Hong Kong is advancing regulation of stablecoins—including RMB-backed types—through updates to its proposed framework and oversight mechanisms.
The Hong Kong Legislative Council released a special bulletin on October 13 detailing progress on the region’s stablecoin regulatory framework. The report, titled the “special report,” covers the inclusion of renminbi-backed stablecoins within Hong Kong’s evolving digital asset oversight. This update follows earlier amendments allowing stored value facility licensees to issue fiat-backed stablecoins. The government’s latest disclosure highlights continued efforts to integrate digital assets into the financial system under clear legislative supervision.