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In line with a report by Ming Pao, the Hong Kong Financial Authority (HKMA) not too long ago visited the United Arab Emirates (UAE) to debate the regulation of digital belongings (cryptos) with the native central financial institution. HKMA Chief Government Eddie Yue shared that each areas have begun growing digital belongings inside regulated environments, with Hong Kong having launched regulatory frameworks sooner than the UAE.
Yue additionally talked about the current strengthening of digital asset regulation in the USA, elevating questions on whether or not different jurisdictions, together with Hong Kong, would comply with go well with or undertake a extra relaxed strategy. He famous that previously, Hong Kong had stringent laws on digital belongings, bordering on prohibition, whereas laws in different areas have been comparatively unclear. Nevertheless, there may be now a world pattern in the direction of converging regulatory requirements, which can assist reduce potential discrepancies sooner or later.
Eddie Yue additionally mentioned the challenges confronted by digital asset exchanges in Hong Kong in the case of opening financial institution accounts. Yue acknowledged that there have been ongoing discussions between the HKMA and native banks relating to this problem. He talked about that the notion of strain throughout these discussions assorted amongst completely different events. Yue defined that whereas the USA beforehand lacked clear regulatory necessities for digital belongings, locations like Singapore and Dubai had laws in place, notably concentrating on capabilities reminiscent of anti-money laundering. Hong Kong, after studying from experiences such because the closure of FTX, has regularly opened up its regulatory strategy, aiming for strict but clear pointers. The banking trade is inspired to repeatedly replace its understanding and search regulatory readability from authorities.
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