In the fast-changing world of digital finance, one defining feature of blockchain technology has long set it apart, that its transactions cannot be undone. As 2025 unfolds, grasping why blockchain payments are permanent is essential for anyone using cryptocurrencies, decentralised finance (DeFi), or blockchain-based applications. That core principle, however, is now being tested. Circle (CRCL),…
Hong Kong opened applications for stablecoin issuers at the start of August, with 77 firms applying during the month. The Hong Kong Monetary Authority (HKMA) has repeatedly stated it only plans to license a handful of companies in the first instance. With its initial rules requiring the identity of every stablecoin user, this may favor…
Issuing a stablecoin pegged to the offshore yuan in Hong Kong may be more feasible than in mainland China due to the latter’s capital controls, a central bank adviser has said. The comments from Huang Yiping, also dean of Peking University’s National School of Development, came as worries arise in Beijing’s policy circles that Washington…
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…
Today Hong Kong’s Legislative Council passed the Stablecoin Bill for fiat-referenced stablecoins. The legislation is expected to come into force later this year and is seen as a key pillar in Hong Kong’s desire to maintain and enhance its position as an international financial center. Last year the Hong Kong Monetary Authority (HKMA) launched a…