News with the tag "HKMA"

The Hong Kong Monetary Authority (HKMA) is proposing a progressive regulatory framework for stablecoins, including conditional depegging, to foster innovation while ensuring stability, positioning Hong Kong as a leader in crypto regulation.

Hong Kong's new Stablecoins Ordinance, effective August 1, 2023, introduces a mandatory licensing regime for issuers of Hong Kong dollar-backed stablecoins to enhance oversight, stability, and trust in the digital asset market.

Hong Kong is set to introduce a stablecoin licensing framework by early 2026, aiming to regulate stablecoin activities and position itself as a leading Web3 hub.

The Hong Kong Stablecoin Ordinance is a new regulatory framework by the HKMA to govern stablecoin issuance and operation, aiming to ensure market stability and investor protection while fostering a secure digital asset environment.

Over 40 firms are preparing to apply for Hong Kong stablecoin licenses, but the HKMA is expected to approve only a small number, reflecting a cautious regulatory approach.