The number of approved applications is expected to be small, according to reports from China media.
The initiative will initially focus on tokenized deposits with the HKMA providing support to local banks for trials.
Hong Kong’s government already issued $100 million in tokenized green bonds on Feb. 16 under its Green Bond Programme.
The Hong Kong Monetary Authority (HKMA) has warned the public about two foreign-based crypto companies allegedly misrepresenting themselves as banks. The firms were found to have used the term “bank” when describing their products and services, potentially misleading consumers. HKMA Cracks Down On Crypto Firms Posing As Banks The HKMA, which also serves as Hong Kong’s central […]
The Hong Kong Monetary Authority (HKMA) has cautioned the public to remain vigilant against foreign crypto firms falsely presenting themselves as banks, according to a Nov. 15 notice. The regulator revealed that some overseas crypto firms are portraying themselves as banks to gain the trust of Hong Kong users. Many of these entities operate without […]
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The Hong Kong Monetary Authority launch Project Ensemble in March and now has at least three countries participating.
Hong Kong regulators will align their crypto OTC derivatives reporting with ESMA's standards, including the use of Digital Token Identifiers.
The HKMA collaborates with Cyberport to launch a generative AI sandbox, targeting fintech innovations in finance.
The queue of crypto exchanges for operational licenses in Hong Kong is shrinking as seven exchanges, including IBTCEX and Huobi HK, withdraw applications ahead of the May 31 deadline.
Regulators like HKMA and SFC united with local private sector firms like HSBC and HashKey to support the market of tokenization in Hong Kong.
Venture Smart Financial Holdings is also aiming for a spot-bitcoin ETF and is involved in the discussions about the stablecoin sandbox.
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.
The statement from the SFC and HKMA comes as expectations mount the U.S. SEC is on the verge of approving a spot bitcoin ETF.