Whereas some jurisdictions (cough: America) have taken a regulation-by-enforcement method to crypto, others are doing the other. In response to a June 15 report from the Monetary Occasions, the Hong Kong Financial Authority is pressuring main monetary establishments to just accept crypto purchasers. But it surely’s not simply regulators laying down a pink carpet to spice up the Particular Administrative Area’s (SAR) Web3 business. In a single case, Johnny Ng Equipment-Chong, a member of the Hong Kong Legislative Council, writing June 10:
Equally, Joseph Chan Ho Lim, Hong Kong’s Undersecretary for Monetary Providers and Treasury, revealed in a interview that the Hong Kong Financial Authority has carried out public consultations on the launch of stablecoins and is within the course of of creating a regulatory framework by the tip of the yr. “Hong Kong will proceed to help the event of business sooner or later and invite business and expertise to return to the SAR,” the politician stated.
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