Hong Kong Regulators Propose Mandatory Licenses for Fiat-Backed Stablecoin Issuers

CoinDeskPolicyPublicado em 2023-12-26Última atualização em 2023-12-27

Resumo

The Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB) are also planning a sandbox to provide guidance on compliance.

Hong Kong financial regulators published proposals for supervising stablecoin issuers through a licensing regime and a regulatory sandbox to communicate "supervisory expectations and guidance on compliance" to prospective issuers.

The jurisdiction's central bank, the Hong Kong Monetary Authority (HKMA), and the Financial Services and the Treasury Bureau (FSTB) are seeking feedback by Feb. 29. Fiat-referenced stablecoins are a type of cryptocurrency designed to maintain its value on par with sovereign currencies like the U.S. or Hong Kong dollar.

Hong Kong is seeking to position itself as a regional crypto hub. It implemented a licensing regime for crypto service providers in June that recognizes retail crypto trading as a regulated activity. The jurisdiction has been planning regulations for fiat-backed stablecoins for some time.

Advertisement
Advertisement

The regime will be introduced through legislation requiring issuers who meet certain conditions to obtain a license from the HKMA. Firms looking to issue a fiat-referenced stablecoin in Hong Kong, to issue a Hong Kong dollar-referenced stablecoin or to market stablecoins to the Hong Kong public will need a license to operate.

"We are supportive of financial innovation and believe that it is essential to put in place the necessary regulatory guardrails and standards to enable the long-term, sustainable and responsible development of the virtual asset ecosystem," HKMA CEO Eddie Yue said in a statement.

Edited by Sheldon Reback.


Leituras Relacionadas

A 49% stake in a Trump-linked crypto bank project is held by an Abu Dhabi royal family member: WSJ

A member of the Abu Dhabi royal family and his co-investors reportedly hold the largest stake in the holding company behind the proposed US trust bank, World Liberty Financial, according to the Wall Street Journal. Sheikh Tahnoon bin Zayed Al Nahyan's group, through StringZ Holding RSC, owns 49% of WLTC Holdings. Sources indicate an additional 38% is held by an entity linked to former US President Donald Trump's family. If fully approved, the bank would manage the issuance, redemption, and custody of the USD1 stablecoin under federal oversight. Sheikh Tahnoon serves as UAE's national security adviser and chairs AI firm G42, which recently gained US approval for advanced AI chip exports. The Office of the Comptroller of the Currency granted World Liberty Trust Company preliminary conditional approval in August, noting StringZ's investment and non-interference commitments. However, the bank cannot commence operations until meeting all OCC requirements. The deal, involving a prior $500 million investment by Tahnoon, has drawn scrutiny from US lawmakers.

cryptonews.ruHá 5m

A 49% stake in a Trump-linked crypto bank project is held by an Abu Dhabi royal family member: WSJ

cryptonews.ruHá 5m

Podcast Notes | After Watching 141 YouTube Investment Guru Videos, I Found Everyone's Bullish on These 5 Stocks

Podcast Summary: After analyzing 141 YouTube investment videos from 21 creators, five stocks were consistently highlighted: Alphabet (Google), Nvidia, Micron, CoreWeave, and Uber. However, the analysis reveals a key concentration: four of these (Google, Nvidia, Micron, CoreWeave) represent essentially the same AI-focused bet, with only Uber standing as an independent pick. The podcaster, Brian, provides his specific views and entry strategies for each. **Key Stocks & Brian's Stance:** - **Alphabet (Google):** Viewed as cheap based on profits but expensive based on sales. Brian is only buying a half-position via monthly investments at ~$362. - **Nvidia:** Models suggest it is undervalued (~$221 vs. a ~$290-330 fair value range), but significant client debt ($500B) raises risk. Brian holds a 12% position (his cap) and would not buy below $148. - **Micron:** Brian's model fair value is ~$1450, but it's a cyclical stock. He is buying only on schedule after it broke below its 50-day moving average (~$961), with a "story broken" line at $434. - **CoreWeave:** Has large contracts but faces scrutiny over demand sustainability, with Nvidia backing unsold capacity. Brian holds zero position due to limited history and structural concerns. - **Uber:** The only non-AI pick, valued cheaply on strong cash flow (~$100B annually). Brian's fair value is ~$109 (current price ~$67), and he is buying a full position. **Core Insight:** Most discussed topics (76/141 videos) were chips, cloud, and AI models. A portfolio built from such consensus may appear diversified but often constitutes a single, concentrated bet on AI. Brian concludes with a disciplined framework for any investment: compare to its own history, understand what the current price assumes, separate a good company from a good price, and pre-define your exit conditions.

marsbitHá 39m

Podcast Notes | After Watching 141 YouTube Investment Guru Videos, I Found Everyone's Bullish on These 5 Stocks

marsbitHá 39m

From 'Interest Rate Trading' to 'Dollar Debasement Trade', the Logic Behind Gold's Rise Has Changed

From "Rate Trade" to "Debasement Trade": The Logic Behind Gold's Rally Has Shifted Gold surged by 17% in August. According to UBS, the key development was a fundamental shift in the driving narrative mid-rally—from the traditional "rate trade" to a "debasement trade" focused on fiscal and dollar concerns. The bank breaks the summer rebound into two acts. The first was a technically-driven bounce from a solid base, supported by light positioning, resilient physical demand (especially from central banks like China's), and softening US economic data. The second act, triggered by the US Treasury's announcement to double long-term bond buybacks, marked a shift in gold's pricing logic. The market began viewing higher long-term yields as a sign of fiscal sustainability risks rather than economic strength, weakening gold's traditional inverse correlation with real rates. Gold's role evolved from an "opportunity cost" asset to a hedge against "fiscal credibility" and currency debasement, further aided by a weakening US dollar. UBS maintains a bullish outlook, noting rising upside risks to its long-term forecasts. While it lowered its 2026 year-end target to $4,675/oz, its 2027+ forecasts are unchanged, with an upside scenario target as high as $6,500/oz. The primary near-term risk is a hawkish Fed pivot, which could trigger a correction. However, UBS views any such dip as a buying opportunity, not a trend reversal, unless AI-driven growth allows for significantly higher rates. The report concludes that as gold is increasingly seen as a hedge against fiscal and currency risks, its strategic role in portfolios is changing. With overall gold allocations still low, there is significant room for further price appreciation if debt sustainability concerns drive sustained strategic buying.

marsbitHá 39m

From 'Interest Rate Trading' to 'Dollar Debasement Trade', the Logic Behind Gold's Rise Has Changed

marsbitHá 39m

Not Just Trading and Meme: These 5 Projects on Base Are Exploring New On-Chain Use Cases

Beyond Trading and Memes: 5 Projects Exploring New On-Chain Use Cases on Base While much of the crypto space is dominated by speculation, Base—Coinbase's Ethereum Layer 2 with over $5B TVL—is fostering innovative projects beyond the usual categories. Here are five notable examples: 1. **Hydrex**: A MetaDEX/AMM aggregator that pools native and external liquidity (e.g., from Uniswap, Morpho) to offer optimal swap rates. It features a ve(3,3)-style incentive model and single-signature transactions. 2. **SwapRoyale**: A fantasy trading competition app where users pay a fixed entry fee to trade with a virtual $100k portfolio in real-time contests. It gamifies trading with various tournament formats and has already distributed over $100k in prizes. 3. **BlockRun**: A permissionless AI gateway and payment layer for the on-chain agent economy. It allows autonomous systems to discover, pay for, and execute services using USDC on Base via the x402 micropayment standard, enabling pay-per-use AI. 4. **PixieChess**: A play-to-earn digital chess game where each piece is a collectible NFT with unique abilities that alter classic rules. Value is kept within the ecosystem, with a treasury funding real ETH prizes for winners. 5. **Tokensto**: A platform that lets users sell their unused AI API credits (e.g., from OpenRouter) for cash. It automatically prices credits and facilitates direct payouts to crypto wallets. These projects demonstrate that builders on Base are actively experimenting with consumer experiences, the agent economy, and novel gaming mechanics, suggesting the surface area for meaningful on-chain activity is broader than current narratives imply.

marsbitHá 1h

Not Just Trading and Meme: These 5 Projects on Base Are Exploring New On-Chain Use Cases

marsbitHá 1h

The Second Form of Tokenized U.S. Stocks is Loading, Which Targets Can Be Watched

The article discusses the evolution of meme tokens on platforms like Robinhood Chain and the broader potential of tokenized U.S. stocks in a DeFi context. It introduces NetNet ($NET), likening its model to a modernized OlympusDAO. $NET's value is backed by a treasury, and users pay a premium (e.g., 17x over NAV) betting on its future growth from fees and yield-generating activities. The project also offers stock-token related "gambling games" (e.g., SpaceX Invaders, TURBO). Next, it examines Down to Finance ($DTF), described as a decentralized platform for creating ETF-like strategy tokens (DETFs). These DETFs, which can hold assets like tokenized stocks, liquidity positions, and vaults, each operate like an OlympusDAO with autonomous supply adjustments. This model is seen as a more advanced step towards composable on-chain RWA infrastructure, though it carries technical risks. The core argument is that the ultimate goal is not just meme-driven trading but establishing fully-functional, on-chain global stock markets. While current models (like NetNet's) lean on speculative mechanisms, projects like Down to Finance point towards a future where tokenized RWAs gain true programmability and composability on-chain.

marsbitHá 1h

The Second Form of Tokenized U.S. Stocks is Loading, Which Targets Can Be Watched

marsbitHá 1h

Trading

Spot
活动图片

Categorias popularesright-arrow

Etiquetas Popularesright-arrow