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Hong Kong stablecoins bill advances to the Legislative Council

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Hong Kong is advancing its regulatory framework for stablecoins with the introduction of the Stablecoins Bill to the Legislative Council. The bill, published in the government’s Gazette on December 6, 2024, and presented for its first reading on December 18, outlines comprehensive measures to oversee stablecoin activities within the region.

The proposed legislation mandates that all stablecoin issuers operating in Hong Kong obtain licenses from the Hong Kong Monetary Authority (HKMA). To qualify, issuers must meet stringent criteria, including assessments of their management, financial resources, the stability mechanisms of their stablecoins, and the adequacy of reserve assets. Additionally, the bill imposes restrictions on the offering and marketing of stablecoins, ensuring that only regulated entities can engage in such activities, thereby enhancing consumer protection.

This legislative move aligns with Hong Kong’s broader strategy to establish a secure and transparent environment for digital assets, fostering innovation while safeguarding financial stability. The bill must undergo three readings in the Legislative Council, involving detailed debates and potential amendments, before being presented to the Chief Executive for final approval and enactment into law.

The introduction of the Stablecoins Bill reflects Hong Kong’s commitment to becoming a leading hub for financial technology by implementing robust regulatory measures that address the complexities of the evolving digital asset landscape.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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