HKMA proposes strict stablecoin regime

Algorithm-based stablecoins likely to be excluded under new rules, Hong Kong authorities say

Hong Kong at night

The Hong Kong Monetary Authority (HKMA) issued a consultation paper on December 27 outlining a stricter stablecoin regulation regime. 

The HKMA issued the paper jointly with Hong Kong’s Financial Services and the Treasury Bureau, which essentially functions as the special autonomous region’s finance ministry. The two authorities said they aim to change the regulatory regime in light of the risks posed by stablecoins based on existing currencies. 

The HKMA said stablecoins based on arbitrage or an

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