Hong Kong goes to a stable account because more governments recognize digital asset

Hong Kong has passed Stabulic bill On Wednesday, to expand its cryptocurrency licensing regime as increasing governments recognize a digital asset.

Unlike volatile digital assets such as Bitcoin, the cost of stabils is tied to such an asset in the real world as Fiat currency or goods such as gold.

The new law-oriented law-oriented categories will be provided with stable issuers to obtain a license from the Hong Kong Net Body and complying with a number of requirements, including proper asset management and segregation client assets.

He “will increase the existing normative basis of Hong Kong in the field of virtual Asset (VA), thus contributing to financial stability and encouraging financial innovations,” the Central Banking Business body said. It adds that he will hold further advice on a detailed regulatory framework.

The Hong Kong Government said in statement The stabilo policy is expected to come into force this year, and “sufficiently” has allowed this area to understand the requirements.

In 2023 Hong Kong presented its Licensing of virtual assets A regime that requires cryptocurrency firms with the official presence in the city to apply for a license and comply with specific standards and requirements to offer digital retail investors in the city. However, the existing policy did not include stable areas.

“The new Hong Kong policy sets a global landmark, providing full support for the reserve, strict ransom guarantees and control over HKMA,” said CNBC, Hashkey OTC Director. HashKey OTC is a trading hand Hashkey Group, which has a licensed crypto -platform in Hong Kong.

The policy “provides the reliability of the institutional level for traders, positioning Hong Kong as a leader in compatible digital finances,” he added.

Moving from Hong Kong happens only a few days after the US Senate advanced A genius actWhich would create the first regulatory basis for stabils in implementation.

Pressing the regulation of stablacins is intensified worldwide, and other jurisdictions have also implemented their own regulatory framework, including the European Union, Singapore, the United Arab Emirates and Japan, Blockchain Intellix Cenaissis said A. report Wednesday.

CHENGYI ONG, the head of the Asia-Pacific Policy in Chainalysis, said CNBC that the last rules are expected to help in the admission and legitimacy.

“(Stablcoins) Make the base of the ecosystem crypt, but their stability also opens the door to use friction in traditional financing, such as slow cross-border payments and settlement, “OG said.

“This potentially transformed usefulness is what has forced governments around the world, from Europe to Asia, to take steps to the regulatory regimes that will promote the appearance of quality stabbits,” she added.

According to the chain, the overall market limit of the stabils is about 232 billion dollars As of this month.