The Hong Kong Monetary Authority released on Wednesday a “Discussion Paper” in which it lays 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,” 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. The HKMA has been closely tracking the relevant development and would like to proactively share our thinking with the public and industry,” 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 [email protected] on or before March 31, 2022.