The Hong Kong government is working to establish a regulatory system for the virtual asset industry, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu wrote in his blog.
In a letter to the virtual asset industry forerunners, Hui said that key measures include a licensing regime for the virtual asset service providers, contemplating the regulation of payment-related stablecoins. In addition, to provide traditional financial institutions with guidelines on offering virtual asset-related services to clients.
The government and financial regulators rolled out these measures to build a systematic development and operation of the virtual asset sector and tackle money …
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