Hong Kong Monetary Authority Issues Discussion Paper on Crypto Assets and Stablecoins

"We look forward to hearing the feedback from stakeholders and will draw up a risk-based, pragmatic and agile regulatory regime," HKMA Chief Executive Eddie Yue said.

AccessTimeIconJan 12, 2022 at 12:40 p.m. UTC
Updated May 11, 2023 at 4:39 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Hong Kong Monetary Authority (HKMA) released on Wednesday a "Discussion Paper" in which it lays out its 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," the announcement says. 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," said HKMA Chief Executive Eddie Yue in the statement. "We look forward to hearing the feedback from stakeholders and will draw up a risk-based, pragmatic and agile regulatory regime on this front."
  • The paper is available on the HKMA website. Members of the public and the industry are welcome to submit their responses by email to stablecoin_feedback@hkma.gov.hk on or before March 31, 2022.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Greg Ahlstrand

Greg Ahlstrand was previously CoinDesk's Asia News Editor. Greg has no significant crypto holdings.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.