Hong Kong relaxes some stablecoin rules, launches limited trials with 3 industry players [Yahoo! Finance]
HKT TRUST AND HK UNSP/ADR (HKTTY)
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Source: Yahoo! Finance
following public feedback, just ahead of launching stablecoin sandbox trials in pursuit of becoming a hub for cryptocurrency business. After concluding a consultation period for proposed stablecoin rules released in December , Hong Kong regulators plan to move forward with that regime largely intact, requiring issuers of fiat currency-backed tokens to obtain a licence from the Hong Kong Monetary Authority (HKMA) , the HKMA and the Financial Services and the Treasury Bureau said in a joint statement on Wednesday. On Thursday, the HKMA also announced the first batch of stablecoin issuers admitted into a sandbox, first announced in March , for trialling these tokens in different scenarios. Jingdong Coinlink Technology, RD InnoTech, and a joint venture from Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications will conduct limited scale tests of stablecoins in e-commerce payments, cross-border trade settlements, and tokenised assets trading. Do you have questions
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