Hong Kong is developing a plan to regulate cryptocurrency market
The Hong Kong Monetary Authority will issue a regulatory framework for local businesses and traders by July 2022
13.01.2022 - 11:05
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What's new? The Hong Kong Monetary Authority (HKMA) intends to establish a new regulatory regime for the digital asset market by July 2022. According to Bloomberg, the HKMA will approach the cryptocurrency industry from several angles: protecting the local investors and creating the rules for crypto institutions. The authority will also focus on regulating stablecoins.
What will happen to stablecoins in Hong Kong? The HKMA will subject the stablecoins to heightened scrutiny. The institution officials stated that such assets pose “risks to monetary and financial stability.” Eddie Yue, Chief Executive of the HKMA, noted that the authorities are closely monitoring the development of these assets.
How is cryptocurrency currently regulated in Hong Kong? The special administrative region of China currently has what is known as the “opt-in’ rule. This means that any cryptocurrency exchange can apply for personal regulation by the government. Joshua Chu, a consultant at ONC Lawyers, called this model ineffective and recommended that the authorities consider changes.
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