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Tag Archives: hkma

Hong Kong Ready to Accept Proposals for Crypto Spot ETFs

Regarding custody arrangements, the SFC emphasizes that the fund’s trustee or custodian can delegate its crypto custody function solely to an SFC-licensed VATP or entities meeting the crypto custody standards set forth by the HKMA. Hong Kong has announced its readiness to receive applications from traditional financial companies interested in exploring the emerging economy by creating exchange-traded funds (ETFs) tracking spot-based cryptocurrencies. The country already allows...

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Hong Kong CBDC Advances to Phase 2 after Successful First Phase

The e-HKD program has taken a three-rail approach for the potential implementation of the virtual currency: foundation layer development, industry pilots and iterative enhancements, and full launch. Hong Kong’s central bank digital currency (CBDC) pilot is set to advance to its second phase following the successful completion of phase one. The first phase was largely focused on full-fledged payments, programmable payments, offline payments, tokenized deposits, and the settlement of Web3...

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Hong Kong Officials Warn Investors to Stay Away from Retail Stablecoins since They Are Unregulated

The Hong Kong Monetary Authority (HKMA) recently completed a public consultation on stablecoins regulations. As the city of Hong Kong prepares for mainstream adoption of digital assets through a regulated manner, the officials are grappling with cases of crypto-related scams. In a bid to ensure maximum protection of investors’ funds, Hong Kong’s Secretary for Financial Services and Treasury Christian Hui has noted that trading of retail stablecoins is not yet allowed. With the regulations...

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Hong Kong and Israel Partner with BIS to Test CBDCs That Settle on Central Bank Balance Sheet

According to BIS research, 93% of central banks across the world are investigating the feasibility of issuing CBDCs. The Hong Kong Monetary Authority (HKMA) and the Bank of Israel (BOI) have partnered to address the privacy concerns associated with central bank digital currencies (CBDCs). This is according to a joint report titled “Project Sela – An Accessible and Secure Retail CBDC Ecosystem” released by the two central banks and the Bank for International Settlements Innovation Hub...

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Hong Kong Mounts Pressure on HSBC and Standard Chartered Bank to Service Crypto Customers 

The new development aligns with the country’s ambition to become a prominent global hub for crypto. In a bold move aimed at embracing the crypto revolution in Hong Kong, the country’s banking regulator has reportedly exerted significant pressure on major financial services companies, including HSBC and Standard Chartered Bank, to accept crypto exchanges as clients. According to a Financial Times report on Thursday citing three people familiar with the matter, the Hong Kong Monetary...

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Hong Kong Warns Crypto Businesses Not to Expect Special Treatment as City Readies Regulation

A high-ranking Hong Kong official has warned crypto exchanges to expect strict regulation and advises those in opposition to go elsewhere.  Hong Kong has stated that its upcoming crypto regulation would not promote a light-touch approach despite the city’s crypto-friendly disposition. The Chinese special administrative region is putting the finishing touches to digital asset licensing rules as it seeks to become a global crypto hub. Speaking at Tuesday’s Bloomberg Wealth Asia Summit, Hong...

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