The worldwide financial system needs to rewrite its rules for a future of tokens, as the rise of stablecoins poses new challenges to the global infrastructure for instant payment, clearing and settlement, according to the gatekeeper of the world’s central banks. Stablecoins, which are digital tokens backed by fiat currencies or other reserve assets, could…
Hong Kong’s government is in a rush to bring its stablecoin legislation into force. On 21 May the legislature approved the new law, and days later the Hong Kong Monetary Authority (HKMA) launched a consultation regarding the detailed rules, which runs until the end of June. Today the government published an ordinance signalling plans for…
Two U.S. lawmakers reportedly want the country to rethink its banking relationship with Hong Kong. Rep. John Moolenaar, R-Michigan, and Rep. Raja Krishnamoorthi, D-Illinois, sent a letter to Treasury Secretary Janet Yellen asking how the department plans to combat money laundering and sanctions evasion conducted through Hong Kong’s financial system, the Wall Street Journal (WSJ) reported Monday (Nov. 25). Moolenaar…