Hong Kong regulator canvasses views on guidelines for crypto property

Hong Kong’s de facto central financial institution invited touch upon Wednesday about methods to control crypto property and stablecoins, with the purpose of adopting a regulatory framework by 2024 during which the coverage spectrum may vary from no motion to a blanket ban. The fast development of cryptocurrencies and, particularly, stablecoins, or digital property pegged to conventional currencies, has drawn consideration from regulators worldwide, who worry they might put the monetary system in danger if not monitored. The worldwide market worth of crypto property stands at about $2.2 trillion, pointing to their rising inter-connectedness with the mainstream monetary system, mentioned Eddie Yue, the chief government of the Hong Kong Financial Authority (HKMA).

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