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ARTICLE · 02 SEPTEMBER 2024

Hong Kong Continues To Promote A Pro-Crypto Stance With A New Enhanced Regulatory Framework

Duane Morris LLP
Duane Morris LLP
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In the game of which jurisdiction will become the crypto global king, Hong Kong is the latest aspiring fintech hub to announce enhancements to its digital asset regulation framework. No doubt this change...

Hong KongTechnology
Mauro Wolfe
Mauro Wolfe
Carolina Goncalves
Carolina Goncalves
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In the game of which jurisdiction will become the crypto global king, Hong Kong is the latest aspiring fintech hub to announce enhancements to its digital asset regulation framework. No doubt this change is designed to give Hong Kong an edge in the global crypto markets.

In July 2024, the Hong Kong Monetary Authority (HKMA) announced its plans to enhance its digital asset regulatory framework by introducing legislation related to stablecoins, a type of cryptocurrency tied to stable assets like fiat currencies, within the following 18 months. The HKMA is carrying out sandbox testing and plans to introduce stablecoins by the end of 2024.

HKMA launched the sandbox in March 2024 as "part of the HKMA's efforts in facilitating the sustainable and responsible development of stablecoin ecosystem in Hong Kong." The sandbox participants are required to "propose concrete use cases for the stablecoin to help address pain points in economic activities and create value and

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Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.

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