Hong Kong Edges Closer to Regulatory Framework for Stablecoin, Lawmaker Says
BeInCrypto
19 Sep 2023 5:00 PM
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.
You May Ask
What is the expected timeline for Hong Kong to roll out guidelines for stablecoin issuers?How does Hong Kong's stance on cryptocurrency differ from that of China?What actions did China's central bank take regarding digital currency?What warning did the Hong Kong Monetary Authority issue regarding unlicensed businesses?What risks are associated with placing funds in crypto firms posing as banks in Hong Kong?