The Special Administrative Region of the People’s Republic of China, Hong Kong, has announced that it plans to prepare its new crypto regulation plan by July and put it into effect by 2023-2024.
Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA), has released its January 2022 negotiation document on cryptoassets and stablecoins on its official site.
Competing with Singapore to become an important hub for the emerging and risky industry, Hong Kong aims to complete its new crypto regulation plan by July and put it into effect by 2023-2024.
According to the HKMA crypto industry stablecoins that can be used for payments, investor protection, and how authorities deal with digital assets deals with three different categories under the headings.
Chief Executive Officer Eddie Yue said in a statement that HKMA plans to adopt a “same risk, same regulation” approach for crypto assets.