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Hong Kong Monetary Authority (HKMA) has urged major banks including HSBC and Standard Chartered to accept crypto exchanges as their clients.
#HKMA #crypto #crypto2023
#HKMA #crypto #crypto2023
"Hong Kong's eTradeConnect, a blockchain-based interbank trade finance platform led by HKMA, is set to close by the end of August. Launched in 2018 to enhance trade finance efficiency, it faced challenges due to overlapping services and low participation from banks and regulators. #BlockchainFinance #HKMA #TradeFinance"
Hong Kong's New Regulations for Stablecoins. 🇭🇰🪙
Stablecoins are digital tokens pegged to fiat or assets, aiming to reduce volatility. Used in the virtual asset ecosystem, they carry risks like financial stability, consumer protection, and anti-money laundering, especially when widely adopted or connected to traditional finance.
To address these challenges, Hong Kong's central bank, the Hong Kong Monetary Authority (HKMA), has recently announced its plans to regulate stablecoins in the city. Here are some key points from the HKMA's legislative proposals:
- The HKMA will introduce a licensing regime for stablecoin issuers, who will have to meet certain eligibility criteria, such as having a physical presence in Hong Kong, having adequate capital and liquidity, and complying with risk management and consumer protection rules.
- The HKMA will also impose restrictions on the types of stablecoins that can be offered to retail investors, such as requiring them to be fully backed by fiat currency or other high-quality liquid assets, and to be redeemable at par value at any time.
- The HKMA will establish a sandbox environment for stablecoin issuers to test their products and services in a controlled setting, and to facilitate dialogue and feedback between the regulators and the industry.
- The HKMA will adopt a transitional period before implementing the new regulations, during which it will consult with the stakeholders and define the detailed requirements and standards for compliance.
The HKMA's move is in line with the global trend of enhancing the oversight and supervision of stablecoins, as recommended by the Financial Stability Board and other international bodies. By introducing a clear and comprehensive regulatory framework, Hong Kong aims to foster financial innovation while safeguarding the stability and integrity of its financial system.
#HongKong #HKMA #Stablecoins
Stablecoins are digital tokens pegged to fiat or assets, aiming to reduce volatility. Used in the virtual asset ecosystem, they carry risks like financial stability, consumer protection, and anti-money laundering, especially when widely adopted or connected to traditional finance.
To address these challenges, Hong Kong's central bank, the Hong Kong Monetary Authority (HKMA), has recently announced its plans to regulate stablecoins in the city. Here are some key points from the HKMA's legislative proposals:
- The HKMA will introduce a licensing regime for stablecoin issuers, who will have to meet certain eligibility criteria, such as having a physical presence in Hong Kong, having adequate capital and liquidity, and complying with risk management and consumer protection rules.
- The HKMA will also impose restrictions on the types of stablecoins that can be offered to retail investors, such as requiring them to be fully backed by fiat currency or other high-quality liquid assets, and to be redeemable at par value at any time.
- The HKMA will establish a sandbox environment for stablecoin issuers to test their products and services in a controlled setting, and to facilitate dialogue and feedback between the regulators and the industry.
- The HKMA will adopt a transitional period before implementing the new regulations, during which it will consult with the stakeholders and define the detailed requirements and standards for compliance.
The HKMA's move is in line with the global trend of enhancing the oversight and supervision of stablecoins, as recommended by the Financial Stability Board and other international bodies. By introducing a clear and comprehensive regulatory framework, Hong Kong aims to foster financial innovation while safeguarding the stability and integrity of its financial system.
#HongKong #HKMA #Stablecoins
Central bank digital currency project #mBridge is preparing to welcome new members.
_The #mBridge project may soon see a major expansion, according to the chief executive of the Hong Kong Monetary Authority #HKMA , Eddie Yue. He outlined plans for a central bank digital currency #CBDC project in a speech in Shanghai. Yu said tests have shown that mBridge enables faster, cheaper and more transparent cross-border payments. Note that the project began in 2021 with the participation of the Hong Kong SAR Authority, the central banks of China, Thailand and the United Arab Emirates, in addition to commercial banks from those jurisdictions and the Innovation Center at the Bank for International Settlements.
#follow To see more news and details 💵⬇️🚀
_The #mBridge project may soon see a major expansion, according to the chief executive of the Hong Kong Monetary Authority #HKMA , Eddie Yue. He outlined plans for a central bank digital currency #CBDC project in a speech in Shanghai. Yu said tests have shown that mBridge enables faster, cheaper and more transparent cross-border payments. Note that the project began in 2021 with the participation of the Hong Kong SAR Authority, the central banks of China, Thailand and the United Arab Emirates, in addition to commercial banks from those jurisdictions and the Innovation Center at the Bank for International Settlements.
#follow To see more news and details 💵⬇️🚀
