China Casts Long Shadow Over Hong Kong’s Once-Vibrant Crypto Industry

The paper also firmly distinguishes HKMA’s views from mainland policy. “On paper, they are looking at stablecoins as a payment tool,” she said, in contrast to the mainland where no crypto can be used in commerce. For crypto assets not related to payments, HKMA is “looking at how it develops hence, they are not stymying innovation,” Chia added.

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