HONG KONG SHOULD REGULATE USDT/USDC STABLECOINS.??
Retail stablecoin trading in Hong Kong is not yet permitted, the official said
Hong Kong will not allow retail investors to trade stablecoins until they are officially regulated, which is expected to happen by the end of 2024.
As Hong Kong advances in implementing cryptocurrency trading for individual investors, a local official stressed that retail stablecoin trading is not yet allowed.
Hong Kong has not yet adopted regulations for stablecoins such as Tether ( USDT ) or USD Coin ( USDC
The official made comments regarding cryptocurrency regulation in Hong Kong during an online investment committee meeting on October 6, local news agency Ming Pao reported .
Cryptocurrency service providers have widely used stablecoins such as USDT as primary trading assets because their value is designed to be stabilized by pegging to the United States dollar or assets such as gold, Hui said. However, some stablecoins have faced serious volatility problems or even collapsed in the past, the secretary said, adding that the management of stablecoin reserves greatly affects the price stability of investors' rights to redeem fiat currency.
$BTC $USDC
#bitcoin #crypto2023 #vickyiskandar #stablecoin #hongkong
Retail stablecoin trading in Hong Kong is not yet permitted, the official said
Hong Kong will not allow retail investors to trade stablecoins until they are officially regulated, which is expected to happen by the end of 2024.
As Hong Kong advances in implementing cryptocurrency trading for individual investors, a local official stressed that retail stablecoin trading is not yet allowed.
Hong Kong has not yet adopted regulations for stablecoins such as Tether ( USDT ) or USD Coin ( USDC
The official made comments regarding cryptocurrency regulation in Hong Kong during an online investment committee meeting on October 6, local news agency Ming Pao reported .
Cryptocurrency service providers have widely used stablecoins such as USDT as primary trading assets because their value is designed to be stabilized by pegging to the United States dollar or assets such as gold, Hui said. However, some stablecoins have faced serious volatility problems or even collapsed in the past, the secretary said, adding that the management of stablecoin reserves greatly affects the price stability of investors' rights to redeem fiat currency.
$BTC $USDC
#bitcoin #crypto2023 #vickyiskandar #stablecoin #hongkong