Hong Kong Stablecoin Sandbox Heats up With a Major Chinese Player on Board
- Hong Kong’s planned stablecoin regulations attract major players.
- China’s Harvest Fund Management aims for cross-border payment solutions.
- The HKMA’s regulatory sandbox aims to refine supervisory standards for stablecoins.
Hong Kong’s push to establish regulations for stablecoins has garnered attention from prominent financial entities, including the international division of China’s Harvest Fund Management. This development was captured in a recent report by Bloomberg, citing sources familiar with the matter.
Per the report, Harvest Global Investments Ltd., fintech specialist RD Technologies, and crypto exchange-traded fund aspirant Venture Smart Financial Holdings Ltd. are engaged in discussions with the Hong Kong Monetary Authority (HKMA) regarding planned stablecoin trials within regulatory sandboxes.
Last month, the HKMA, the Financial Services, and the Treasury Bureau initiated a consultation on stablecoin regulations. They highlighted that the sandbox will serve to communicate supervisory standards. However, sources caution that the framework may not be finalized by March’s end, and participation in the trials is not assured for all interested p…
The post Hong Kong Stablecoin Sandbox Heats up With a Major Chinese Player on Board appeared first on Coin Edition.
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Hong Kong Stablecoin Sandbox Heats up With a Major Chinese Player on Board
- Hong Kong’s planned stablecoin regulations attract major players.
- China’s Harvest Fund Management aims for cross-border payment solutions.
- The HKMA’s regulatory sandbox aims to refine supervisory standards for stablecoins.
Hong Kong’s push to establish regulations for stablecoins has garnered attention from prominent financial entities, including the international division of China’s Harvest Fund Management. This development was captured in a recent report by Bloomberg, citing sources familiar with the matter.
Per the report, Harvest Global Investments Ltd., fintech specialist RD Technologies, and crypto exchange-traded fund aspirant Venture Smart Financial Holdings Ltd. are engaged in discussions with the Hong Kong Monetary Authority (HKMA) regarding planned stablecoin trials within regulatory sandboxes.
Last month, the HKMA, the Financial Services, and the Treasury Bureau initiated a consultation on stablecoin regulations. They highlighted that the sandbox will serve to communicate supervisory standards. However, sources caution that the framework may not be finalized by March’s end, and participation in the trials is not assured for all interested p…
The post Hong Kong Stablecoin Sandbox Heats up With a Major Chinese Player on Board appeared first on Coin Edition.
Read More