According to the bill, any organization producing stabilcoins tied to the Hong Kong dollar, or working in Hong Kong, is obliged to obtain a license from monetary management of Hong Kong (HKMA). The issuers who have received the permission of the regulator must comply with strict rules for managing reserves, share their own and client assets, as well as comply with the rules for combating money laundering (Aml). In addition, the issuers of stablecoins should regularly conduct an audit, disclose information in detail to customers and effectively manage risks.
The head of the treasury Hong Kong Christopher Hui explained that the bill is aimed at compliance with international standards. The activity of crypto companies follows the idea of “the same activity, the same risks, the same regulation”, by analogy with traditional financial companies.
“We are sure that a reliable regulatory environment will create favorable conditions for supporting responsible issuers and sustainable development of stablecoins in Hong Kong. This will help expand the digital assets ecosystem, ”said Christopher Hui.
In accordance with the new regulatory regime, it will be possible to advertise stablecoins only to licensed issuers – this should prevent cryptocurrency fraud. In the coming months, the government plans to introduce additional rules for cryptocurrency platforms, over -the -term venue and casteral services.
Last week, Cryptotrace instrumental transactions with crypto assets, a tool for monitoring the Cryptotrace tool, published a Cryptotrace tool (CSTCB).
Source: Bits
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