The Hong Kong government has just appointed Senior Counsel Kennedy Lai as the Chairman of the Stablecoin Review Committee, which will begin operations on November 1, 2025. This new committee will review the decisions of the Hong Kong Monetary Authority (HKMA) related to stablecoin operations, aiming to enhance transparency and fairness in the cryptocurrency legal framework.
According to the Official Gazette of Hong Kong, the committee will have a three-year term, focusing on overseeing regulations regarding stablecoins pegged to fiat currency, limiting offerings to individual investors only within the scope of licensed organizations.
The government stated that the establishment of this committee helps strengthen the legal foundation for the digital asset industry, ensuring reasonable and fair regulatory decisions while promoting the stable and sustainable development of the cryptocurrency market in Hong Kong.
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