Hong Kong, on its way towards establishing itself as a crypto hub, is going to press ahead with establishing a new licensing scheme for stablecoin issuers in the city.
The Hong Kong Monetary Authority HKMA published on July 17, jointly with the Financial Services and the Treasury Bureau FSTB, a consultation conclusions paper on a proposed regulatory framework for fiat-referenced stablecoin FRS issuers.
An FRS is defined by the regulators as stablecoins that aim to maintain a stable value with reference to a specified asset or a pool of basket of assets, and are issued, transferred, stored and traded on distributed ledgers or a network...
¬ Haymarket Media Limited. All rights reserved.
