Hong Kong begins discussions to introduce stablecoin regulatory framework
The Hong Kong Monetary Authority shared a list of eight questions to seek policy-related recommendations citing five possible regulatory outcomes — no action, opt-in regime, risk-based regime, catch-all regime and blanket ban. Hong Kong's central banking institution, the Hong Kong Monetary Authority (HKMA), released a questionnaire to gauge public opinion on regulations for crypto-assets and stablecoins. The state-backed regulator intends to establish a regulatory framework by 2023-24.HKMA’s “Discussion Paper on Crypto-assets and Stablecoins” highlights the explosive growth of the....
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Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later....
Hong Kong’s Securities and Futures Commission (SFC) is “actively looking” to create a regulatory framework that allows crypto futures exchange-traded funds (ETFs), an SFC official reportedly said. “We have come to believe that some initial concerns about virtual asset futures ETFs have become manageable and can be addressed with proper safeguards.” Rising Demand for Crypto ETFs in Hong Kong Hong Kong’s top financial regulator is “actively looking” to set up a regulatory framework that allows retail investors to trade exchange-traded funds....
Hong Kong is considering changes to its cryptocurrency regulatory framework, particularly concerning over-the-counter (OTC) virtual asset trading services. The Securities and Futures Commission (SFC) may play a larger role in overseeing the sector, working alongside the Customs and Excise Department (C&ED), according to a recent report from the South China Morning Post. Related Reading: Hong […]
Hong Kong’s central bank is inviting global stablecoin operators to respond to its proposed rules. Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA), wants to supervise stablecoin issuance and reserves management.HKMA published a discussion paper on Jan. 12 regarding cryptocurrencies and stablecoins, in which it provided its views on how the industry should be regulated in Hong Kong.In the 34-page long consultation document, the HKMA paid special attention to “payment-related stablecoins,” pointing out that the market capitalization of all stablecoins hit $150 billion in....
The largest virtual bank in Hong Kong, ZA Bank, broke new ground earlier today by offering exclusive reserve bank services to stablecoin issuers, a move in line with Hong Kong’s recent regulatory advancements in cryptocurrency. This initiative is part of the territory’s new stablecoin licensing regime, which requires crypto stablecoin operators to deposit reserve assets […]