Yu Weiwen: Supervising stablecoins can help maintain financial stability
the Chief Executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue, stated that stablecoins have broad connections with mainstream financial systems and daily commercial activities, and introducing regulations can help maintain financial stability and promote orderly and sustainable development of the industry. Virtual assets have entered the mainstream investor's field of vision, and the Hong Kong government and regulatory agencies are accelerating the introduction and improvement of relevant regulatory mechanisms. The HKMA has already released a "Discussion Paper on Cryptocurrencies and Stablecoins" earlier this year, and based on industry feedback, it is now including stablecoin-related commercial activities in its regulatory framework. Regulation and market development are complementary and mutually reinforcing. The virtual asset industry has experienced crises due to insufficient self-regulation and misuse of customer assets, but it has now attracted the attention of mainstream investors. Therefore, the Hong Kong government and regulatory agencies are accelerating the introduction and improvement of relevant regulatory mechanisms. The Securities and Futures Commission of Hong Kong can regulate virtual asset trading platforms through this system, and the platforms also need to comply with rules such as anti-money laundering and counter-terrorism financing. Banks can cooperate with licensed platforms to provide more distribution channels for investment and financial products.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ether gains momentum as capital shifts from bitcoin and derivatives activity increases
Capital flows are shifting from bitcoin to ether, with derivatives market activity signaling growing confidence in ether’s near-term upside, analysts said.Ether has surged over 6% while in the past 24 hours, while bitcoin saw a slight decline, as open interest and demand for call options hit record highs for the second-largest cryptocurrency by market cap.
WisdomTree registers XRP ETF entity in Delaware: report
WisdomTree, an issuer of exchange-traded funds, registered an XRP ETF entity in Delaware.The move signals that the fund manager will likely file an S-1 registration with the SEC.
BREAKING: MicroStrategy Bought Bitcoin (BTC)! Michael Saylor Reveals His Latest Purchases!
MicroStrategy purchased an additional 55,500 Bitcoins for $5.4 billion.
BREAKING: WisdomTree Registers XRP Spot ETF in Delaware