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Home»TRADING NEWS»Hong Kong restricts investors from purchasing stablecoins
TRADING NEWS

Hong Kong restricts investors from purchasing stablecoins

By Crypto FlexsDecember 27, 20232 Mins Read
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Hong Kong restricts investors from purchasing stablecoins
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Hong Kong authorities have proposed accepting and regulating fiat-pegged stablecoins (FRS).

According to the document, the Financial Services Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) allow retail investors to purchase stablecoins, but note that issuers must obtain a special local HKMA license.

To obtain a license, a company must fully support all stablecoins in circulation with reserves equal to face value, segregation and storage of reserve assets, and public and regular reporting. You must also open an office in Hong Kong with the CEO, senior management and key personnel. However, algorithmic Stablecoin issuers cannot obtain a license.

“Implementing law enforcement and enforcement measures will ensure that the actual and potential risks associated with stablecoin development in Hong Kong are appropriately managed and that international standards are met.”

Hui Ching, Director of the Finance Department

Last May, Hong Kong’s Securities and Futures Commission (SFC) decided to officially allow retail investors to trade cryptocurrencies. SFCs allow retail investors to sell Bitcoin (BTC) and Ethereum (ETH), although strict security measures apply. Cryptocurrencies must have no “bad events” for 12 months for retail trading. Cryptocurrencies must also be included in at least two indices.

Additionally, last December, the SFC announced that it was ready to accept applications for the launch of a cryptocurrency ETF. The joint statement highlights that the institutions have reviewed existing rules and policies regarding companies and intermediaries wishing to participate in cryptocurrencies.

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