HKMA stablecoin regulations take effect amid ‘market euphoria’
Markets eye further gains as Hong Kong’s de facto central bank tries to damp down ‘bubble-like trend’
Cool down the hype, keep proposals specific and rein in expectations – those were the messages from Hong Kong’s de facto central bank this week as it prepared for the territory’s Stablecoin Ordinance, which came into effect today (August 1).
The ordinance, which was passed by the territory’s legislature in May, creates a regulatory framework for stablecoins and gives the Hong Kong Monetary Authority (HKMA) the power to grant licences to entities seeking to issue the crypto assets. The authority
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