Reuters
Hong Kong regulator canvasses views on rules for crypto assets
Hong Kong’s de facto central bank invited comment on Wednesday about ways to regulate crypto assets and stablecoins, with the aim of adopting a regulatory framework by 2024 in which the policy spectrum could range from no action to a blanket ban. The rapid growth of cryptocurrencies and, in particular, stablecoins, or digital assets pegged to traditional currencies, has drawn attention from regulators worldwide, who fear they could put the financial system at risk if not monitored. The global market value of crypto assets stands at about $2.2 trillion, pointing to their growing inter-connectedness with the mainstream financial system, said Eddie Yue, the chief executive of the Hong Kong Monetary Authority (HKMA).
