Despite the risks posed by stablecoins, Hong Kong regulators are keen to approve the tokenized assets, but not without reservations, which they detailed in a newly published consultation paper.
Hong Kong is actively pursuing a comprehensive transition towards distributed ledger technology within its financial markets, motivated by the advantages linked to tokenization.
Since the revived crackdown began, bankers say forex volumes on official channels have increased, but some merchants still refuse to accept the new ZiG currency.
Hong Kong’s Undersecretary for Financial Services and the Treasury, Joseph Chan Ho-lim, said the public consultation will form the basis of a new stablecoin framework by 2024.
Norman Chan, former head of the Hong Kong Monetary Authority, will head the new body while China Mobile International CEO Li Feng will serve as honorary chairperson.
For the first time since 2007, the European Securities and Markets Authority (ESMA) is reviewing which assets might be appropriate to include in UCITS.
Wrapping up its e-HKD pilot, Hong Kong's central bank said programmability, tokenization, and atomic settlement are the key areas that local businesses and consumers would greatly benefit from.
To become the global ‘crypto’ hub, Hong Kong is pushing the three largest banks in the city-state—along with Bank of China—to take on digital asset clients.
The HKMA has issued a discussion paper titled "e-HKD: A policy and design perspective," where it laid out the central banker's thoughts on retail CBDC and invited public opinion.
HSBC is looking for a Web3 expert for lead digital asset analyst role in Hong Kong, emphasizing blockchain knowledge and collaboration with technical teams.
Hong Kong is on its second round of consultation for its stablecoin regulations, and a lawmaker has revealed that he called on residents to use the upcoming CBDC.
Hong Kong adapts to new digital currency regulations, while the SFC and HKMA implement vital investor protection rules for intermediaries.
