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hOng kong out here making moves in the stablecoin game?! 🇭🇰💱 That HK capital requirement tho, gonna lock out some small players for sure! US legislation catching up but hong kong leading the parade
hong kong is makin moves in the stablecoin arena?! ceo of hkma said ‘let’s get this crypto bread responsibly’ while sandbox frens like animoca, jingdong, and rd checkin out the goods?! $
hong kOng just pulled a power move with that stablecoin bill – brO, financial hub game strong 💪🏦! CEO droppin’ those regs like “we’re all growing up here” – sOnd b
hK LaDIES & gEnts, wE gOt Dem stAblecoIn biLLs pASSed, sEcuring FIAT stAblecoin crYpto in HOng KonG, hoPeFULLy,
Hong Kong Legislative Council passed the Stable bill for Fiat stablescoins. It aims to bolster Hong Kong’s status as a financial hub. CEO of HKMA noted the new regulations promote responsible growth. Sandbox participants like Animoca Brands, Jingdong Coinlink, and RD Innovressch are exploring opportunities. The bill delegates key regulations to HKMA, ensuring reserves’ quality and liquidity. Emission requires $25M HK capital, with strict penalties for unregulated entities. US legislation is also evolving with Engineering Act progress. 🇭🇰💱🏦
https://altcoin.observer/hong-kong-adopts-the-legislation-on-stables-large-book-insights/
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