Stablecoins in Hong Kong could be facing more regulations. The Hong Kong Monetary Authority shares a paper declaring it wants to supervise issuance and reserves management.
“The rapid development of crypto-assets, particularly stablecoins, is a topic of keen attention in the international regulatory community as it presents possible risks regarding monetary and financial stability,” HKMA said.
To effectively handle associated risks, HKMA laid out eight major policy directions, proposing to become a single regulator to supervise entities involved in both regulating and running operations like issuing stablecoins and managing their reserves. The authority also wants to regulate stablecoin transactions’ validation processes, private key storage management and executing transactions.
“We encourage current or prospective players in the stablecoins ecosystem to respond to this paper and submit relevant views to us, so that we could take the feedback into account when formulating the regulatory framework,” HKMA wrote. The regulator expects to finalize its next steps as soon as possible and introduce new regulations by 2023 or 2024.
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