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Authored by: Simon Deane and Jennifer Lok
On 12 January 2022, the Hong Kong Monetary Authority (“HKMA”) issued a discussion paper on crypto-assets and stablecoins (“Discussion Paper”) outlining its thoughts on the development of a regulatory framework for stablecoins, and invited feedback from members of the public and the industry.
The HKMA published the consultation conclusion (“Consultation Conclusion”) on 31 January 2023. It summarises the feedback received on the Discussion Paper and sets out the HKMA’s responses. There was a broad consensus among the respondents on regulating stablecoin based on a risk-based and agile approach.
Having considered the responses received, the latest international regulatory recommendations, standards and approaches on crypto-assets and Hong Kong’s overall policy stance, the HKMA has formulated the following key parameters for the proposed regulatory regime for crypto-assets:
The HKMA will conduct a more detailed consultation in due course, with a view to implementing the stablecoin regulatory regime by 2023/24. The Consultation Conclusion can be found here.
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