Hong Kong Edges Closer to Regulatory Framework for Stablecoin, Lawmaker Says
Hong Kong politician Duncan Chiu says that the territory may have a stablecoin regulatory framework in place by the middle of 2024....
- Hong Kong's government is expected to roll out guidelines for stablecoin issuers by mid-2024, according to local politician Duncan Chiu.
- Chiu's stance is in contrast to China's hostile approach towards cryptocurrency.
- China's central bank issued a ban on digital currency but later recognized crypto as legal property.
- Hong Kong sees the potential of stablecoins despite opposition from mainland China.
- The Hong Kong Monetary Authority (HKMA) recently warned against unlicensed businesses posing as banks or crypto banks.
The article highlights the contrasting approaches of China and Hong Kong towards cryptocurrency. While China has been hostile, Hong Kong is embracing stablecoins. The sentiment is mixed, with positive sentiment towards Hong Kong's potential guidelines for stablecoin issuers, but caution regarding unlicensed operations.