In the days after Hong Kong passed a bill to regulate stablecoins on May 21, people in the industry celebrated the government’s forward-looking stance on the cryptocurrency assets, but its stringent requirements – similar to how it regulated other virtual assets – could be a double-edged sword in the near term. “Regular independent audits and…
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…
Hong Kong lawmakers passed a law on Wednesday that establishes a regulatory regime for stablecoins, paving the way for issuers to obtain licences and sell the digital assets to the public. A stablecoin is a type of cryptocurrency that is pegged to a specific reserve asset, such as the US dollar or any fiat currency….
Hong Kong lawmakers passed a law on Wednesday that establishes a regulatory regime for stablecoins, paving the way for issuers to obtain licences and sell the digital assets to the public. A stablecoin is a type of cryptocurrency that is pegged to a specific reserve asset, such as the US dollar or any fiat currency….
The Hong Kong Monetary Authority (HKMA) has stepped in for the second time within three days to maintain the local currency’s peg to the US dollar after the Hong Kong dollar hit the strong end of its trading band. The city’s de facto central bank sold HK$9.532 billion worth of the local currency and bought…
Hong Kong’s eight digital banks have vowed to expand their wealth management businesses in the coming years, after five successful years of drawing customers’ deposits gave them the confidence to venture further into a territory long dominated by bricks-and-mortar banks. All eight of the branchless lenders reported a strong increase in deposits, loans and net…
The Hong Kong Monetary Authority (HKMA) will announce on Monday new measures to be implemented by banks to safeguard the public from financial fraud, stepping up its vigilance to prevent scams that caused losses of HK$9.15 billion (US$1.2 billion) last year. Called “E-Banking Security ABC”, the “ABC” refers to tightening “authorisation” methods for transactions, saying…
Euroclear has joined Project Ensemble, the wholesale central bank digital currency (wCBDC) initiative from the Hong Kong Monetary Authority (HKMA). The project explores using wCBDC for the settlement of tokenization transactions and for interbank settlement of tokenized deposits. Euroclear becomes a member of the Architecture Community and is the sole financial market infrastructure (FMI) community…
More than 70 per cent of executives in Hong Kong expect an increase in financial crime in 2025, while only 18 per cent believe their organisation’s compliance programme is “very effective”, according a report from Kroll, a financial and risk advisory firm. The report, released Monday, surveyed more than 600 respondents worldwide between September and…
The Hong Kong Monetary Authority (HKMA) is preparing to kickstart “Wealth Connect 3.0”, an enhancement of the cross-border mechanism for wealth-management products that would raise quotas and expand the product menu, according to its chief executive Eddie Yue Wai-man. The upgrade would also potentially expand the scheme to investors in regions of mainland China beyond…