gazette

ChainCatcher news, according to the press release from the Government of the Hong Kong Special Administrative Region, Hong Kong today published the "Stablecoin Bill" in the Gazette to introduce a regulatory framework for fiat-backed stablecoin issuers in Hong Kong. The purpose of the "Bill" is to improve the regulatory framework for virtual asset activities to address the potential risks that fiat-backed stablecoins pose to financial stability, ensure that users have adequate protection, and harness the benefits that virtual assets and their related technologies can bring. Under the proposed licensing system, anyone engaging in any of the following activities must obtain a license from the Financial Management Commissioner:(i) Issuing fiat-backed stablecoins in Hong Kong as part of their business;(ii) Issuing fiat-backed stablecoins that claim to be pegged to the value of the Hong Kong dollar as part of their business;(iii) Actively promoting the issuance of their fiat-backed stablecoins to the public in Hong Kong.To effectively implement the system, the "Bill" also proposes to grant the Financial Management Commissioner necessary regulatory, investigative, and enforcement powers. The "Bill" will be submitted to the Legislative Council for its first reading on December 18.

ChainCatcher news, according to CoinDesk, the Namibian government included the "2023 Namibia Virtual Assets Act" in the Republic of Namibia Gazette last Friday, although the law has not yet come into effect.It is reported that the "2023 Namibia Virtual Assets Act" aims to assist the South African nation in designating a regulatory authority to oversee and supervise virtual asset service providers and related activities. (source link)

ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) issued a statement stating that on May 25, 2023, it will publish in the Gazette the "Guidelines for Virtual Asset Trading Platform Operators," "Guidelines on Anti-Money Laundering and Counter-Terrorist Financing (for Licensed Corporations and Virtual Asset Service Providers Licensed by the SFC)," "Guidelines on Anti-Money Laundering and Counter-Terrorist Financing for Connected Entities issued by the Securities and Futures Commission applicable to Licensed Corporations and Virtual Asset Service Providers Licensed by the SFC," and "SFC Disciplinary Action Penalty Guidelines."In addition, the Hong Kong SFC reminds that although the relevant system will take effect on June 1, 2023, the SFC has not approved any virtual asset trading platform to provide services to retail investors, and most of the publicly accessible virtual asset trading platforms are not regulated by the SFC. (Source link)