Hong Kong has completed public consultation for its stablecoin regulations with a focus on introducing complete guidelines by 2024.
after the Terra-Luna debacle.
With the completion of the public consultation phase, the HKMA will be focusingon the areas of issuance, governance and stabilization. Hong Kong this year alone has taken the crypto regulatory lead at a time when most of its Western counterparts are still taking a cautious approach to the nascent tech. The HKMA has not only opened crypto trading for retail traders but also started a licensing regime for crypto exchanges that require these businesses to adhere to strict anti-money laundering regulations.
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