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Hong Kong’s monetary authority has proposed reduced capital requirements for banks handling cryptocurrencies, aiming to foster a regulated crypto hub. However, mainland China’s tightening stance on stablecoins is creating regulatory crosscurrents. This divergence highlights the complex dynamics between Hong Kong’s financial ambitions and Beijing’s cautious approach.
- HKMA's draft rules would reduce capital requirements for banks handling crypto assets if issuers prove adequate operational and market risk safeguards
- Chinese regulators have ordered domestic companies to stop stablecoin research and seminars due to concerns about potential misuse in fraudulent activities
- Despite Beijing's tightening stance, Shanghai officials have discussed yuan-backed stablecoins as a tool to promote international use of China's currency
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