The Hong Kong Monetary Authority (HKMA) has moved into Phase 2 of its e-HKD pilot program, expanding its exploration into tokenized deposits and e-HKD. With 11 groups of firms selected, the initiative delves into practical applications such as offline payments and asset settlement. The creation of an industry forum aims to solve potential challenges while…
Read more
The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC) have advanced the digital yuan (e-CNY) pilot for payments, aiming to increase e-CNY wallet usage in Hong Kong. Residents can now set up and top up wallets via the Faster Payment System (FPS), marking the first global linkage of a faster payment…
Read more
The Hong Kong Monetary Authority (HKMA) on Tuesday formed a working committee in order to set industry standards for wholesale CBDC interoperability. The group also aims to facilitate tokenized asset transactions and interbank settlement using wCBDC. “It will make recommendations on specific topics, initially focusing on setting up a mechanism to support seamless interbank settlement…
Read more
ZA Bank, a virtual bank in Hong Kong, will offer cash custody accounts for institutions that want to issue stablecoins. The organization is in talks with several parties seeking to issue their stablecoins, and this service would be available for them after receiving a license from the Hong Kong Monetary Authority (HKMA). ZA Bank to…
Read more
The Hong Kong Monetary Authority announced the launch of the second phase of the pilot of its CBDC, the digital Hong Kong dollar (e-HKD). This new phase will focus on furthering the research on already examined use cases for the currency, including programmability and tokenization, and adding new, not previously explored use cases. Hong Kong…
Read more
Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA), announced today the launch of the second phase of its e-HKD pilot program. They also invite industry participants to propose potential use cases for the central bank digital currency (CBDC). This initiative aims to delve deeper into the potential of a central bank digital currency…
Read more
The government of Hong Kong has announced Project Ensemble, an initiative that will test the functionality of a wholesale central bank digital currency (WCBDC) and the movement of tokenized deposits. If there is “sufficient interest” in the project, the Hong Kong Monetary Authority (HKMA) will conduct a live issuance of the WCBDC in the future.…
Read more
Hong Kong Monetary Authority (HKMA) and Financial Services and the Treasury Bureau have released a public consultation paper to gather residents’ opinions on the proposed regulatory regime for stablecoin issuers. The HKMA also announced the introduction of a sandbox arrangement whose purpose will be to convey supervisory expectations and guidance on compliance to prospective stablecoin…
Read more
The securities regulator and the central banking institution of Hong Kong have updated the region’s crypto policy in response to enquiries from the industry. In a circular on the virtual asset-related activities of intermediaries, the authorities introduced additional measures to protect retail investors, restricting their access to what they describe as “complex products.” Hong Kong…
Read more
The Hong Kong Monetary Authority (HKMA) has recently completed a series of tests regarding the programmability of the e-HKD, the proposed Hong Kong central bank digital currency (CBDC). While still in its initial phases, the e-HKD presents “interesting” use cases, HKMA CEO Eddie Yue stressed. He also revealed that the Mbridge project aims to have…
Read more
