Reported 1 day ago
Hong Kong is moving to establish itself as Asia's leading cryptocurrency hub by proposing relaxed banking regulations for institutions dealing with licensed stablecoins and certain crypto assets. The Hong Kong Monetary Authority (HKMA) introduced a new supervisory framework, CRP-1, which could classify licensed stablecoins as low-risk assets, thereby lowering capital requirements for banks. This initiative aims to foster innovation, reduce compliance costs, and facilitate greater participation in the burgeoning stablecoin market, while maintaining rigorous standards for riskier digital assets.
Source: YAHOO