Hong Kong Monetary Authority Proposes Rules for 'Fiat-Referenced' Stablecoins

Quick Summary:

The proposed rules would require a physical presence in Hong Kong, reserves to be kept at Hong Kong banks, and prohibit paying interest to holders.

The proposed legislation was heavily influenced by a consultation with industry players that wrapped up in February 2024.

In February, the General Chamber of Commerce proposed the issuance of a stablecoin backed by the Chinese yuan.

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Article Details

Author / Journalist: Murtuza Merchant

Category: Crypto

Markets: EstoniaHong Kong

Topics: Law and Order Stablecoins Binance Hong Kong Monetary Authority Stablecoin Circle HKMA

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-18 @ 09:44:46 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: decrypt.co

Language: English

Article Length: 493 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Decrypt

News ID: 21672989

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About Decrypt

Main Topics: Crypto

Official Website: decrypt.co

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Year Established: 2018

Headquarters: Estonia

News Last Updated: 18 hours ago

Coverage Areas: Estonia

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Publication Timezone: GMT +8:00

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Publisher ID: #63

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