• About
  • Coincu
  • Hot topics
  • Random
  • Exchange
  • Dotscan
Sunday, August 14, 2022
CoinCu News
No Result
View All Result
  • Login
  • Home
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • Defi
    • GameFi
    • NFTs
    • Metaverse
    • Web 3
  • Crypto Recap
  • Video
  • IDO Events
    • Airdrop
  • Scam Alert
  • Live Prices
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
  • Home
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • Defi
    • GameFi
    • NFTs
    • Metaverse
    • Web 3
  • Crypto Recap
  • Video
  • IDO Events
    • Airdrop
  • Scam Alert
  • Live Prices
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
No Result
View All Result
CoinCu News
No Result
View All Result
Home Market

Hong Kong is gearing up to launch a stablecoin regulatory framework

January 15, 2022
in Market
381
91
SHARES
3k
VIEWS
Share on Facebook

Hacker Attacks Acala Network But Still Can’t Transfer ACA Token

Acala USD (AUSD) Stablecoin On Polkadot Lost Peg

Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA), has done so release A questionnaire to assess public opinion on regulations for crypto assets and stablecoins, aiming to create a regulatory framework by 2023-24.

The HKMA’s “Crypto-Assets and Stablecoins Discussion Paper” highlights the stablecoin market’s market cap boom since 2020 and the concomitant regulatory recommendations from regulators. International regulators include the US Financial Action Task Force (FATF), the Financial Stability Board (FSB). ) and the Basel Committee on Banking Supervision (BCBS).

Hong Kong begins talks to introduce stablecoin regulatory framework

Market capitalization of crypto assets | Source: HKMA

According to the HKMA, from a systems perspective, the current size and trading activity of crypto assets may not immediately threaten the stability of the global financial system. However:

“Institutional investors are increasingly engaging in such assets as an alternative or complement to traditional trading, lending and borrowing asset classes. […] shows a growing connection to the mainstream financial system.”

Hong Kong begins talks to introduce stablecoin regulatory framework

Market capitalization of the major stablecoins Hong Kong | Source: HKMA

The HKMA article puts the stablecoin market cap at around $150 billion as of December 2021, “roughly 5% of the total crypto-asset market.” The regulator also shared a list of eight questions to get policy-relevant recommendations, and identified five possible regulatory outcomes – inaction, opt-in mode, risk-based mode, catch-all and mass ban mode:

Hong Kong begins talks to introduce stablecoin regulatory framework

Possible policy options for regulating crypto assets | Source: HKMA

The HKMA expects stakeholders to submit their feedback by March 31, 2022, and is aiming to “get the new regime out no later than 2023/24”.

Hong Kong begins talks to introduce stablecoin regulatory framework

Regulatory attitudes of major jurisdictions towards stablecoins | Source: HKMA

In conclusion, the regulator says that payments-related stablecoins have higher potential to be introduced into the mainstream financial system or even into everyday economic and commercial activities.

As a result, the HKMA is considering expanding the scope of the Payment Systems and Stored Value Facility (PSSVFO) regulation, a law that establishes the legality of financial products.

To complement the local government’s pro-crypto intentions, one of Hong Kong’s largest real estate developers, Sun Hung Kai, has invested $90 million in Sygnum, a Swiss bank specializing in holding digital assets.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

On The Hong Kong Exchange, Samsung Asset Will Offer A Blockchain ETF | News 02 May 2022 Crypto News

ECB President: Create a crypto regulatory framework now to prevent Russia from ‘circling the law’

Tags: frameworkgearinghong kongLaunchregulatoryStablecoin
Previous Post

XRP is longing for a quick turnaround

Next Post

Oasis Network (ROSE) & NEAR Protocol (NEAR) hit new ATH – 7 altcoins with biggest gains of the week

Other Posts

Crypto Market Highlights August 14, 2022
Market

Crypto Market Highlights August 14, 2022

August 14, 2022
Crypto Market Highlights August 13, 2022
Market

Crypto Market Highlights August 13, 2022

August 13, 2022
India’s ED Freeze $46 Million In Vauld’s Assets
Market

India’s ED Freeze $46 Million In Vauld’s Assets

August 13, 2022
Crypto Market Highlights August 12, 2022
Market

Crypto Market Highlights August 12, 2022

August 12, 2022
Crypto Market Highlights August 11, 2022
Market

Crypto Market Highlights August 11, 2022

August 12, 2022
Ripple Plans To Acquire Celsius’ Assets
Market

Ripple Plans To Acquire Celsius’ Assets

August 11, 2022
Next Post
Oasis Network (ROSE) & NEAR Protocol (NEAR) hit new ATH – 7 altcoins with biggest gains of the week

Oasis Network (ROSE) & NEAR Protocol (NEAR) hit new ATH – 7 altcoins with biggest gains of the week

Leave Comment
  • Acala USD (AUSD) Stablecoin On Polkadot Lost Peg

    Acala USD (AUSD) Stablecoin On Polkadot Lost Peg

    128 shares
    Share 51 Tweet 32
  • Tornado Cash Used To Communicate With The Crypto Wallets Uniswap, Aave, And Balancer Block

    132 shares
    Share 53 Tweet 33
  • Tornado Cash Discord And Admin Forums Vanished Overnight

    130 shares
    Share 52 Tweet 33
  • Aave Blocking All Addresses Linked To Tornado Cash, Including Justin Sun

    106 shares
    Share 42 Tweet 27
  • Shensei Bank Launches XRP Rewards For Customers

    144 shares
    Share 58 Tweet 36
Binance Holds The Most Bitcoins On Exchanges

Binance Holds The Most Bitcoins On Exchanges

August 14, 2022
Cardano Hits 2-Month High, Will The $1 Price Be Conquered Again?

Cardano Hits 2-Month High, Will The $1 Price Be Conquered Again?

August 14, 2022
Is FOMO ETH Now A Wise Decision?

Is FOMO ETH Now A Wise Decision?

August 14, 2022
A Shiba Inu Believer Has Burned More Than 4.7 Billion SHIB Since Last Year

A Shiba Inu Believer Has Burned More Than 4.7 Billion SHIB Since Last Year

August 14, 2022
BlackRock's Crypto Address Had Only One Token Few People Know

BlackRock’s Crypto Address Had Only One Token Few People Know

August 14, 2022
Shiba Inu And Dogecoin Record Gains As Meme Crypto Trading Volumes Jump 151%

Shiba Inu And Dogecoin Record Gains As Meme Crypto Trading Volumes Jump 151%

August 14, 2022
Shiba Inu Burn Rate Increased By 824% Last Week, Burning 711 Million SHIB

Shiba Inu Burn Rate Increased By 824% Last Week, Burning 711 Million SHIB

August 14, 2022
DeFi Hub Of Polkadot Experiences Serious Hack

DeFi Hub Of Polkadot Experiences Serious Hack

August 14, 2022
Hacker Attacks Acala Network But Still Can't Transfer ACA Token

Hacker Attacks Acala Network But Still Can’t Transfer ACA Token

August 14, 2022
Crypto Market Highlights August 14, 2022

Crypto Market Highlights August 14, 2022

August 14, 2022
  • Live Prices
  • Binance
  • NFT
  • Solana
  • Polkadot Scan
  • Metaverse
  • Polygon
  • Coinbase
  • Trending
  • Top Coin
  • Vi
  • DFH
  • CryptoLinks

© 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands. Email us: [email protected]

No Result
View All Result
  • Coincu
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • Metaverse News
    • NFTs News
  • Market
    • Analysis
  • Knowledge
    • Crypto 101
    • DeFi
    • GameFi
    • NFT
    • Web 3
  • Crypto Recap
  • Video
  • IDO Events
    • Airdrop
  • Scam Alert
  • Live Prices
  • PR
    • Press Releases
    • Sponsored Articles
    • Advertise
  • Dotscan

© 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands. Email us: [email protected]

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In