April 19, 2024
Hong Kong Monetary Authority Expanding Oversight to Include Stablecoin Issuers
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Hong Kong Monetary Authority Expanding Oversight to Include Stablecoin Issuers

The Hong Kong Monetary Authority (HKMA) is reportedly planning to expand its regulatory oversight of virtual assets to include entities that issue stablecoins. During Hong Kong Fintech Week, Chen Haolian, Deputy Secretary for Financial Services and the Treasury announced this development and mentioned that HKMA, along with the local treasury, intends to seek input from the public and the banking industry on this matter.

The objective of the HKMA is to establish a framework governing banks’ provision of virtual asset custody services. This framework aims to not only ensure the protection of customer assets but also enhance Hong Kong’s reputation as a jurisdiction with well-defined regulations.

Chen Haolian highlighted the growing interest of European companies in establishing a presence in Hong Kong, using it as a stepping stone for entering the Chinese mainland market. Moreover, he discussed the potential impact of Web3 technology on various sectors, emphasizing its capacity to address challenges in finance, education, and business operations, ultimately improving efficiency and reducing costs.

Regarding blockchain technology, Haolian mentioned that Hong Kong has actively promoted its utilization in the insurance industry and trade finance for over four years.

Image by freepik

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