myfxtrader
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JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and other major U.S. banks are exploring whether to jointly issue stablecoins to address the increasingly fierce competition in the cryptocurrency industry. Negotiating parties include Zelle payment system operator Early Warning Services and the real-time payment network Clearing House.
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The Legislative Council of the Hong Kong Special Administrative Region today passed the 'Stablecoin Regulation Draft'. The 'Draft' establishes a licensing system for the issuance of fiat stablecoins in Hong Kong and improves the regulatory framework for virtual asset activities in Hong Kong. After the implementation of the 'Stablecoin Regulation', anyone issuing fiat stablecoins in Hong Kong during the course of business, or issuing fiat stablecoins claiming to be pegged to the value of the Hong Kong dollar in or outside of Hong Kong, must apply for a license from the Financial Management Commissioner. Relevant individuals must comply with regulations concerning reserve asset management and redemption, including properly segregating client assets, maintaining a sound stabilization mechanism, and processing redemption requests from stablecoin holders at face value under reasonable conditions.
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