Hong Kong Legislative Council gave the Stablecoins Bill its approval on May 21, making FRS issuers subject to a licensing system. The purpose is to improve the city’s rules for virtual-asset activities, ensure financial stability, and promote innovation in the digital asset sector. Under the Ordinance, everyone who issues stablecoins pegged to the Hong Kong […]
HKMA
Hong Kong Issues New Rules For Stablecoin Issuers
Hong Kong Monetary Authority [HKMA] is inching closer to implementing a regulatory regime for the nation’s fiat-based stablecoin [FRS] issuers. As per the press release, the market watchdog has published a consultation report on these asset classes, mandating issuers to establish physical companies in the country. The report also includes requirements for custody and prohibits […]
Hong Kong Monetary Authority Prepares For Second Tokenized Green Bond Launch
Hong Kong is poised to launch its second tokenized green bond in the coming months, with the Hong Kong Monetary Authority (HKMA) utilizing blockchain technology to improve efficiency and transparency in the redemption process, according to a report from Chinese newspaper Ming Pao. CEO Yu Weiman disclosed the plans in anticipation of “Green Finance Week” […]
Hong Kong’s Crypto Renaissance: 5 Regulatory Innovations After JPEX Scandal
In the wake of the recent $165 million scandal involving the crypto exchange JPEX, the Hong Kong government is doubling down on its commitment to foster the growth of the Web3 market. In a statement from Hong Kong Fintech Week, Christopher Hui, the Secretary for Financial Services and the Treasury, delivered a keynote address outlining […]
Redefining The Crypto Horizon: Hong Kong’s Dynamic Regulatory Shifts
To adapt to the evolving landscape of the crypto industry, the Hong Kong Securities and Futures Commission (SFC) has made significant updates to its virtual asset policy. These changes, outlined in a joint circular with the Hong Kong Monetary Authority (HKMA), aim to regulate the distribution of virtual asset-related products and services. The policy, which […]
Hong Kong Central Bank Joins Forces With Saudi Arabia Amid UAE’s Crypto Surge
Hong Kong Monetary Authority (HKMA) and Saudi Central Bank (SAMA) Forge Momentous Financial Collaboration with MoU. Following a Successful Partnership with UAE Central Bank, HKMA Aims for Enhanced Financial Services and Innovations The Saudi Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) convened on July 26 for a bilateral meeting to enhance the […]
Crypto Regulation: Hong Kong Takes A Different Approach Amidst US Strengthening
In response to the United States’ recent efforts to tighten cryptocurrency regulations, Yue Wai-man, President of the Hong Kong Monetary Authority (HKMA), highlighted HK’s shift towards a more relaxed stance. Hong Kong’s Evolving Crypto Regulations Yue acknowledged that the US lacked clear regulatory requirements for virtual assets in the past, while countries like Singapore and […]