Hong Kong Authorities Decide on Regulatory Policy for Virtual Currencies and Stablecoins

Regulatory Policy for Virtual Currencies and Stablecoins The Hong Kong Monetary Authority announced on January 31st its policy on the regulation of crypto assets (virtual currencies) and stablecoins. It presents regulated activities and a comprehensive regulatory framework, primarily for stablecoins. The Monetary Authority issued a consultation paper on cryptocurrency and stablecoin regulation in January last year, soliciting comments from various interested parties. This policy was established while taking into consideration the feedback from various places. 58 groups provided their views on the consultation document. Among them, major companies in the industry such as Web3 major Animoka Brands, the largest virtual