The Hong Kong Monetary Authority shared a checklist of 8 inquiries to look for policy-related referrals pointing out 5 feasible regulatory end results– no activity, opt-in routine, risk-based routine, catch-all routine as well as covering restriction.
Hong Kong’s main financial establishment, the Hong Kong Monetary Authority (HKMA), launched a survey to assess popular opinion on policies for crypto-assets as well as stablecoins. The state-backed regulatory authority means to develop a regulatory framework by 2023-24.
HKMA’s “Discussion Paper on Crypto-assets and Stablecoins” highlights the eruptive development of the stablecoin market in regards to market capitalization because 2020 as well as the simultaneous regulatory referrals presented by worldwide regulatory authorities consisting of the United States’ Financial Action Task Force (FATF), the Financial Stability Board (FSB) as well as The Basel Committee on Banking Supervision (BCBS).
According to the HKMA, the existing dimension as well as trading task of crypto-assets might not position an instant hazard to the security of the international economic system from a systemic perspective. However, the conversation paper cautioned:
“The growing exposure of institutional investors to such assets as an alternative to or to complement traditional asset classes for trading, lending and borrowing […] indicate growing interconnectedness with the mainstream financial system.”
Based on the above number, HKMA’s paper reveals that the international market capitalization stood at around $150 billion in December 2021, “representing about 5% of the overall crypto-asset market.” The regulatory authority has actually additionally shared a checklist of 8 inquiries to look for policy-related referrals pointing out 5 feasible regulatory end results– no activity, opt-in routine, risk-based routine, catch-all routine as well as covering restriction:
HKMA anticipates stakeholders to send their reactions by 31st March 2022, as well as objectives “to introduce the new regime no later than 2023/24.”
On an end note, the regulatory authority mentioned that payment-related stablecoins have a greater capacity for being included right into the mainstream economic system and even day-to- day industrial as well as financial tasks.
As an outcome, the HKMA takes into consideration increasing the range of the Payment Systems as well as Stored Value Facilities Ordinance (PSSVFO), a legislation that figures out the legitimacy of economic items.
Related: Hong Kong property titan leads $90M raising for crypto financial institution Sygnum
Complementing the city government’s pro-crypto objectives, among Hong Kong’s biggest building designers Sun Hung Kai spent $90 million in Sygnum, a Swiss financial institution committed to electronic property holding.
As Crypto PumpNews reported, the Series B financing round brings Sygnum’s post-money appraisal to $800 million, noting a significantly rise in combined earnings from 2021.
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