Hong Kong will become the center of the digital asset market


Hong Kong will strengthen its position in the market of digital assets and stablecoins. This opinion was shared by the CEO of the USDC co-issuer – Circle – Jeremy Allair, writes Bloomberg.

According to a top manager, what is happening in Hong Kong can serve as an example for mainland China.

“We see huge demand for digital dollars in emerging markets. Asia plays a leading role Allaire said.

Circle’s CEO said he is closely monitoring Hong Kong’s regulatory changes after the new rules come into effect, as the region “is of great interest.”

In June 2023, the company received an MPI license from the Monetary Authority of Singapore, which will help “to increase the spread of the stablecoin in the region.”

Recall that the SFC rules, which came into force on June 1, 2023, established, among other things, the safe storage of assets, their segregation, the prevention of conflicts of interest, and cybersecurity standards.

The Hong Kong Monetary Authority will introduce mandatory licensing for stablecoin issuers during 2023-2024. The regulator plans to oversee the management, issuance, and maintenance of fiat token pegging.

Earlier, Circle CEO Jeremy Allair called law enforcement actions the main factor in reducing USDC capitalization. The top manager did not rule out the US losing its leading position in the sector in favor of the EU, Hong Kong and the UAE.

In June, it became known about the plans of First Digital from the Special Administrative Region of China to launch a dollar-pegged stablecoin.

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