According to the local news outlet The Standard, Hong Kong is making strides in creating a clear framework for stablecoins pegged to traditional financial assets.
The Hong Kong Monetary Authority (HKMA) aims to introduce the proposed comprehensive regulatory framework for stablecoins within 18 months.
Stablecoin regulatory progression
With Hong Kong’s progressive approach to stablecoin regulations, the city stands out as a more welcoming environment for cryptocurrencies, potentially attracting market participants from countries like the U.S. with more stringent regulations
According to TechCrunch, stablecoins must always be fully backed by high-quality, high-liquidity assets, and algorithmically stabilized tokens like UST would not be accepted. The full paper is available on the HKMA website.
This rapid approach to regulating stablecoins has the potential to impact the global cryptocurrency landscape, as it offers a robust and transparent legal framework that could serve as a precede
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