Category: Hong Kong Monetary Authority (HKMA)

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Hong Kong Regulators Say Proposed Stablecoin Regulation Has Received Positive Stakeholder Feedback

July 19, 2024

Hong Kong regulators announced the conclusion of a stablecoin regulation consultation phase that saw stakeholders provide 108 submissions. The regulators claimed that the proposed regulatory requirements received positive feedback from stakeholders. Stakeholders Support Introduction of Stablecoin Regulatory Regime On July 17, Hong Kong regulators—the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong…
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Hong Kong Monetary Authority Launches Stablecoin Issuer Sandbox

March 14, 2024

On March 12, the Hong Kong Monetary Authority (HKMA) launched what is known as the stablecoin issuer sandbox arrangement. The HKMA stated that applicants interested in establishing a stablecoin business in Hong Kong should have a sound business plan. The regulator also clarified that admission into the sandbox does not imply endorsement or support for…
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Hong Kong Regulators Unveil Public Consultation Paper on Stablecoin Regulation

December 28, 2023

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…
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Hong Kong Regulator Planning to Widen Purview of Virtual Assets Supervision

November 6, 2023

The Hong Kong Monetary Authority is reportedly planning to expand the purview of its supervision of virtual assets to include entities that issue stablecoins. The Hong Kong regulator said it also wants to create a framework that governs banks’ provision of virtual asset custody services. Hong Kong’s ‘Very Clear’ Rules The Hong Kong Monetary Authority…
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Hong Kong Regulator Says Crypto Firms Claiming to Be Banks Are in Contravention of Banking Ordinance

September 21, 2023

The Hong Kong Monetary Authority said on Sept. 10 that crypto firms presenting themselves as banks are in contravention of the region’s Banking Ordinance. The HKMA argued such descriptions “may mislead members of the public into believing that those crypto firms” are financial institutions that they can trust. False Descriptions Contravene Banking Ordinance The Hong…
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SWIFT CBDC Interlinking Solution Enters Beta Testing

September 15, 2023

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of financial payment services, has announced that its central bank digital currency (CBDC) connector has entered beta testing stages. SWIFT reported that three central banks are already testing this interlinking solution, while more than 30 financial institutions are testing its various applications in a…
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