bitcoin
Bitcoin (BTC) $ 39,584.61
ethereum
Ethereum (ETH) $ 2,166.85
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 226.65
xrp
XRP (XRP) $ 0.62114
cardano
Cardano (ADA) $ 0.390493
usd-coin
USDC (USDC) $ 1.00
matic-network
Polygon (MATIC) $ 0.809198
binance-usd
BUSD (BUSD) $ 0.999279
dogecoin
Dogecoin (DOGE) $ 0.084934
okb
OKB (OKB) $ 58.47
polkadot
Polkadot (DOT) $ 5.48
shiba-inu
Shiba Inu (SHIB) $ 0.000009
tron
TRON (TRX) $ 0.103432
uniswap
Uniswap (UNI) $ 6.01
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 39,539.59
dai
Dai (DAI) $ 0.999587
litecoin
Litecoin (LTC) $ 71.67
staked-ether
Lido Staked Ether (STETH) $ 2,164.19
solana
Solana (SOL) $ 62.85
avalanche-2
Avalanche (AVAX) $ 21.76
chainlink
Chainlink (LINK) $ 15.85
cosmos
Cosmos Hub (ATOM) $ 9.46
the-open-network
Toncoin (TON) $ 2.41
ethereum-classic
Ethereum Classic (ETC) $ 19.60
leo-token
LEO Token (LEO) $ 3.63
filecoin
Filecoin (FIL) $ 4.52
bitcoin-cash
Bitcoin Cash (BCH) $ 226.94
monero
Monero (XMR) $ 171.68
Sunday, December 3, 2023
More
    bitcoin
    Bitcoin (BTC) $ 39,584.61
    ethereum
    Ethereum (ETH) $ 2,166.85
    tether
    Tether (USDT) $ 1.00
    bnb
    BNB (BNB) $ 226.65
    usd-coin
    USDC (USDC) $ 1.00
    xrp
    XRP (XRP) $ 0.62114
    binance-usd
    BUSD (BUSD) $ 0.999279
    dogecoin
    Dogecoin (DOGE) $ 0.084934
    cardano
    Cardano (ADA) $ 0.390493
    solana
    Solana (SOL) $ 62.85
    matic-network
    Polygon (MATIC) $ 0.809198
    polkadot
    Polkadot (DOT) $ 5.48
    tron
    TRON (TRX) $ 0.103432
    HomeNewsHong Kong Eyes Stablecoin Regulatory Regime Till 2024

    Hong Kong Eyes Stablecoin Regulatory Regime Till 2024

    Whereas Western nations are debating the right way to regulate stablecoins, Hong Kong is constructing a regulatory framework for cryptocurrencies pegged to conventional monetary property.

    The Hong Kong Financial Authority (HKMA) is soliciting public enter on stablecoins and goals to have a regulatory framework in place by the top of 2024, in accordance with Hong Kong Municipal Undersecretary for Monetary Providers and Treasury Joseph Chan Holim. Advised. In accordance with native media.

    Whereas the US authorities has stepped up its stance on the crypto business following the collapse of TerraUSD (UST) and the implosion of FTX, the Chinese language crypto neighborhood is heralding elevated coverage readability in Hong Kong concerning early asset lessons.

    On June 1, Hong Kong formally launched a brand new cryptocurrency regulatory regime that requires exchanges to acquire a license to function within the metropolis. Below the brand new framework, licensed exchanges will be capable of let retail buyers commerce sure main cryptocurrencies, purported to be Ether and Bitcoin.

    The coverage improvement marks a significant milestone for the area, which has gone in the other way from mainland China, the place cryptocurrency buying and selling is unlawful. Some argue that Hong Kong’s welcoming angle is a results of its historic function as a sandbox for all of China.

    See also  Dispersion Capital Launches $40M Fund Centered on Decentralized Infrastructure

    Stablecoin regulation in Hong Kong has been lengthy overdue. In January 2022, the HKMA printed a dialogue paper on crypto-assets and stablecoins. And in January 2023, the HKMA printed the conclusions of a dialogue paper, confirming that the HKMA will take a β€œrisk-based and agile strategy” in regulating stablecoins.

    In working by itself cryptocurrency regulation in 2022, the HKMA additionally participated in creating regulatory requirements and suggestions for stablecoins, significantly these of the Monetary Stability Board. The FSB is the worldwide physique that screens and makes suggestions for the worldwide monetary system, and within the area of Web3 has been described because the “de facto chief” in creating world cryptocurrency guidelines.

    The proposed guidelines introduced within the dialogue paper are, after all, topic to vary, however present an early glimpse of the town’s stance on stablecoin regulation. For instance, the HKMA will prioritize the event of a regulatory framework for stablecoins as fee devices, beginning with regulation of stablecoins pegged to fiat foreign money, as they’re prone to pose imminent monetary stability dangers. proposed.

    The paper additional argues that stablecoins should all the time be absolutely backed by high-quality, high-liquidity property. Stablecoins that derive worth primarily based on arbitrage or algorithms are unacceptable, successfully excluding algorithmically stabilized tokens like UST. Stablecoin holders may also want to have the ability to redeem their stablecoins into fiat foreign money inside an inexpensive time frame, the paper mentioned.

    See also  How Jack Dorsey's Bitcoin Authorized Protection Fund is Preventing for the Way forward for Open Supply Software program

    RELATED ARTICLES

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Most Popular