Hong Kong launches sandbox for stablecoin issuers to ‘communicate supervisory expectations’ | Headlines | News | CoinMarketCap
03/12/2024 17:11
Hong Kong launched a “sandbox” arrangement for stablecoin issuers to pave the way for future relevant regulations as the government continues its …
The Block16 minutes ago
Foresight
Block
Published on March 12, 2024 09:54 GMT+00:00edited on March 12, 2024 10:01 GMT+00:00
Hong Kong launched a “sandbox” arrangement for stablecoin issuers to pave the way for future relevant regulations as the government continues its drive to become a regional crypto hub.
The Hong Kong Monetary Authority, the de facto central bank, said that the launch of the sandbox could help the government deliver supervisory expectations to industry players interested in issuing fiat-referenced stablecoins in Hong Kong.
The sandbox launch comes after the authorities concluded a consultation on Feb. 29 on regulating stablecoin issuers. In December, the HKMA and the Financial Services and the Treasury Bureau jointly launched a consultation and proposed that all fiat-referenced stablecoin issuers should obtain a license from the HKMA.
“The sandbox arrangement serves as an effective …