Hong Kong relaxes some stablecoin rules, launches limited trials with 3 industry players

Quick Summary:

The HKMA announced the first stablecoin issuers to trial e-commerce, trade settlement and tokenised assets, with final rules to be submitted to Legco this year.

If Hong Kong merely replicates existing business models of stablecoins, those tokens may have a hard time establishing a competitive advantage, according to Jiang.

The regulators also maintained that overseas issuers hoping to offer stablecoins in Hong Kong must establish a local subsidiary with key management personnel based in the city.

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Article Details

Author / Journalist: Xinmei Shen

Category: Business

Markets: Hong KongJapanSingapore

Topics: Rules Consultation Kong Hong Proposed Hkma Stablecoin Assets Issuers Regulators Stablecoins

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-18 @ 18:14:26 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 834 words

Reading Time: 5 minutes read

Sentences: 29 lines

Sentence Length: 29 words per sentence (average)

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

Copyright Owner: © SCMP

News ID: 21673194

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