HKMA to introduce regulatory framework for stablecoins
The Hong Kong Monetary Authority (HKMA) plans to introduce licensing requirements for firms operating in stablecoins, by 2024.
ShanonG
The Hong Kong Monetary Authority (HKMA) plans to introduce licensing requirements for firms operating in stablecoins, by 2024.
February 07, 2023
Hong Kong’s central bank has published the conclusion of its discussion paper on crypto assets, and has announced plans to introduce a new regulatory regime for stablecoins.
The announcement follows a year of volatility in cryptocurrency markets marked by the sudden collapse of leading crypto exchange, FTX, in November, and that of TerraUSD stablecoin, in May.
Peter Burnett, managing director at Standard Chartered Bank’s Hong Kong branch, believes that regulatory action in the crypto space was to be expected in light of recent events, but notes that that the HKMA will be keen not to stifle innovation.
“If you look at recent...
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