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PANews reported on October 30th that at the Smartcon 2024 event in Hong Kong, Legislative Council member Qiu Dagen stated that the regulatory framework for stablecoins is expected to be submitted to the Hong Kong Legislative Council next month, and the legislative process may take an additional two to three months. The first round of debate is planned to begin early next year.
Qiu Dagen also revealed that due to the upcoming legislative arrangements, Hong Kong is no longer accepting new applications for stablecoin issuance. In addition, over-the-counter (OTC) trading services will be included in the regulatory framework for virtual assets in Hong Kong. We are currently discussing the regulatory framework for physical trading venues (such as stores), especially those engaged in digital asset trading such as Bitcoin. This regulatory measure will be independent of the supervision of virtual asset exchanges and online platforms, specifically targeting the management of physical asset trading venues.
In addition, Qiu Dagen also revealed that the OTC Physical Custody (OPC) framework has completed two rounds of public consultation and is expected to implement specific regulatory measures next year. Once this framework takes effect, it will standardize all physical stores engaged in virtual asset trading, ensuring regulatory coverage of physical trading venues.
