Whereas some jurisdictions (cough: America) apply enforcement-based regulation to cryptocurrencies, others do the other. Primarily based on June 15 report from The Monetary Occasions, Hong Kong’s financial authority is pressuring main monetary establishments to just accept cryptocurrency prospects. Nevertheless it’s not simply regulators who’re rolling out the purple carpet to spice up the Particular Administrative Area (SAR) Web3 business. In a single case, Johnny Ng Package-Chong, a member of the Hong Kong Legislative Council, wrote June 10:
Equally, Joseph Chan Ho Lim, Hong Kong’s Underneath-Secretary for Monetary Providers and Treasury, revealed. interview that the Hong Kong Financial Authority has held a public session on the issuance of stablecoins and is getting ready a regulatory framework by the top of the yr. “Hong Kong will proceed to help the event of the business sooner or later and welcomes the business and expertise coming to the SAR,” the politician stated.
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