Hong Kong to establish draft for new cryptocurrency regulation by July

Hong Kong to establish draft for new cryptocurrency regulation by July

Hong Kong regulators, like their counterparts around the world, are shifting toward increased oversight of an industry marked by extreme volatility and frequent scams. Customers of a Hong Kong cryptocurrency exchange have been unable to withdraw money or tokens since late November, Bloomberg News reported last week.

Hong Kong’s de facto central bank intends to have another regulatory regime for crypto resources prepared by July, as the city strives with Singapore to turn into a critical center for the burgeoning area while simultaneously containing hazards. The Hong Kong Monetary Authority is right now drawing nearer the crypto business from three aspects: stablecoins that can be utilized for payments, investor protection and how approved institutions deal with digital resources, as per an assertion on its site.

The HKMA plans to adopt a so-called “same risk, same regulation” approach to crypto, Chief Executive Eddie Yue said in the statement.

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