The Hong Kong Monetary Authority (HKMA) today (12 January) issued a discussion paper on crypto-assets and stablecoins (the “Paper”), inviting views from the industry and public on the relevant regulatory approach.
The Paper sets out the HKMA’s thinking on the regulatory approach for crypto-assets particularly payment-related stablecoins. The approach has taken into account, among other things, the international recommendations, the market and regulatory landscape locally and in other major jurisdictions, and the characteristics of payment-related stablecoins. To facilitate the stakeholders in sharing their views, the HKMA has highlighted certain issues in the form of questions and answers in the Paper.
“The rapid development of crypto-assets, particularly stablecoins, is a topic of keen attention in the international regulatory community as it presents possible risks regarding monetary and financial stability. The HKMA has been closely tracking the relevant development and would like to proactively share our thinking with the public and industry,” said Mr Eddie Yue, the Chief Executive of the HKMA. “We look forward to hearing the feedback from stakeholders and will draw up a risk-based, pragmatic and agile regulatory regime on this front.”
Hong Kong Monetary Authority
12 January 2022