Hong Kong Begins Discussions to Introduce Stablecoin Regulatory Framework

 📣 #HongKong Begins Discussions to Introduce #Stablecoin Regulatory Framework

👉 Hong Kong’s central banking institution, the Hong Kong Monetary Authority (#HKMA), released a questionnaire to gauge public opinion on regulations for crypto-assets and stablecoins.

👉 HKMA’s paper shows that the global market capitalization stood at about $150 Billion in December 2021, representing about 5% of the overall crypto-asset market.

👉 The regulator has also shared a list of eight questions to seek policy-related recommendations citing five possible regulatory outcomes — no action, opt-in regime, risk-based regime, catch-all regime, and blanket ban.

👉 HKMA expects stakeholders to submit their responses by 31st March 2022 and aims to introduce the new regime no later than 2023/24.

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