Hong Kong‘s de facto central bank invited comment on Wednesday about ways to regulate crypto assets and stablecoins, with the aim of adopting a regulatory framework by 2024 in which the policy spectrum could range from no action to a blanket ban.
The rapid growth of cryptocurrencies and, in particular, stablecoins, or digital assets pegged to traditional currencies, has drawn attention from regulators worldwide, who fear they could put the financial system at risk if not monitored.
