Stablecoins must be fully backed, redemption at par must be available at all times, and issuers must be licenced. Algorithmic stablecoins will not be accepted.
February 1, 2023Out of 143 customers who were subject to periodic reviews between June 2016 and May 2017, there were delays in 121 customers - of which 58 were of high risk.
February 1, 2023The DOJ asked for a communications ban against Bankman-Fried as an additional bail condition. Last week, a 116-page list of the FTX's creditors was filed to the bankruptcy court.
February 1, 2023Banks must perform CDD on customers transferring virtual assets. Digital ID system iAM Smart can be used for identity verification.
January 19, 2023e-CNY in circulation amounted to around $2bn at the end of December, representing 0.13 percent of total currency in circulation.
January 13, 2023LegCo member Wu Jiezhuang says using the CBDC as a government-backed stablecoin will help address virtual asset risks and enhance trust in Web3.
January 12, 2023Albert Yuen and Jasmine Yung at Linklaters discuss Hong Kong's regulatory approach to technology risk and data security.
January 9, 2023Banks are expected to proactively make use of alternate dispute resolution channels when complaints cannot be resolved through their internal mechanisms.
January 9, 2023Executive Director Carmen Chu discusses the actions the HKMA is taking to disrupt AML threats to Hong Kong, and technology initiatives that are making a difference.
January 5, 2023Revised SPM illustrates the HKMA’s approach to the supervision of emerging risks such as climate risk under its risk-based supervisory approach.
December 30, 2022