Tags: Hong Kong Monetary Authority

Hong Kong gets ahead of crypto regulation: the FDUSD stablecoin launched in a new regulatory environment.

Users can manage and customize the entire life cycle of the CBDC, including minting, distribution, redemption and destruction. (Ripple Labs)

Firms are subject to the whims of the bank account providers and end up dedicating resources to opening bank accounts. (Unsplash)

Last year, HKMA issued a discussion paper inviting views on issues surrounding a retail CBDC. (See-ming Lee/Flickr-Creative Commons)

A tweet suggesting the city will make crypto fully legal for all citizens is a misreading of the legislation.

Algorithmic stablecoins like terraUSD will not be accepted under the planned regulatory regime, the Hong Kong Monetary Authority said.