Asia-Pacific navigates diverse stablecoin regulations, experts weigh in
As APAC countries navigate the complex landscape of stablecoin regulations, industry stakeholders must tread carefully, balancing innovation and compliance in the market.
As APAC countries navigate the complex landscape of stablecoin regulations, industry stakeholders must tread carefully, balancing innovation and compliance in the market.
nChain takes attendees of ComplexCon Hong Kong on a ride with its app, which fuses physical and digital worlds, showcasing the endless possibilities of blockchain technology.
While blockchain provides the utmost security, there are still some risks to look out for, including pseudonymous validators, which the HKMA said can be addressed by ZKPs and Overlay Networks.
CEO Noel Quinn says he’s “very comfortable with tokenization” and pledged to keep expanding HSBC’s offerings, which include tokenized gold for retail customers.
The HKMA chief executive says the central bank is still determining whether there is a real need for a retail CBDC, adding that existing systems in Hong Kong are efficient.
While China remains adamant about embracing digital assets, Hong Kong proudly showcases its friendly stance with the approval of several ETFs, strengthening its position as a digital asset hub.
ZA Bank will offer stablecoin issuers accounts for cash reserves and is exploring possibly custodying stablecoins and other digital assets in the future.
The Hong Kong Monetary Authority has promised to issue the new guidelines in the coming weeks but clarified that they will not be binding laws for users and will not be exhaustive.
After launching its tokenized gold for institutional users in November 2023, the bank is now expanding the HSBC Gold Token to retail users in Hong Kong.
Experts forecast that Hong Kong could add $20.5 billion to its economy by 2032 as it ramps up CBDC and tokenization initiatives, while the growth of the Web3 sector is also seen as a contributor.
GSBN, with help from Ant Group, is modernizing the shipping industry through eBL, a blockchain-powered prototype that tokenizes goods and could propel Hong Kong's CBDC to greater heights.
The new iteration of its CBDC, the e-HKD, intends to explore new use cases for the CBDC in retail and wholesale verticals, according to the Hong Kong Monetary Authority.