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Hong Kong It has become one of the most important cities in terms of use and distribution cryptocurrenciesbut in the midst of the boom, the authorities began to regulate them so that they did not get out of control.
How is that Hong Kong Monetary Authority (HKMA) He indicated that he will begin requiring companies to maintain their core business and have a local legal entity in the territory if they want to obtain stablecoin licenses.
Against stablecoins?
stablecoins These are currencies whose value is always associated with fiat currency, in most cases with the dollar.
The HKMA’s current position is that stablecoins should be fully backed by high-quality liquid assets and exchanged for their nominal fiat currencies. Under this regime, algorithmic and arbitrage currencies are not allowed.
The collapse of Terraform Labs and the algorithmic stablecoin TerraUSD last year prompted regulators around the world to focus on regulating stablecoins.
Rules stablecoins V Hong Kong they may come into force as early as this year. The proposed regime would apply to organizations if they trade or are active in the location. It will also increase the number of licenses the issuer will need.
Suffered
From Coindesk spoke to a representative Monetary Authority of Hong Kong and it states that “the regulatory treatment for different types of virtual assets will depend, among other things, on their actual structure and operational details.”
“We will continue our ongoing discussions with the industry with a view to adopting a risk-based, pragmatic and flexible approach to regulating stablecoins,” the spokesperson said, adding that the regulator would “look into the details in more detail.”
There is a chance that the HKMA will weaken its position as the city tries to welcome talent and maintain its position as an international financial center.
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Source: RPP
I am Ben Stock, a passionate and experienced digital journalist working in the news industry. At the Buna Times, I write articles covering technology developments and related topics. I strive to provide reliable information that my readers can trust. My research skills are top-notch, as well as my ability to craft engaging stories on timely topics with clarity and accuracy.