The Hong Kong Monetary Authority (HKMA) has been established a The Initiative was announced on Wednsday, during the fintech4 event organized by the hkma. The emergence of web3 and its potential offerings to the global financial services was amon the subjects of discusations in the event. The newly formed body will focus on helping banks try Risk Management Capabilitys Around Deposits and Loan Services. The practice of tokenised deposits will be the core area of focus for the incubator, the hkma said.
The hkma announced The creation of the new incubator in the presence of over 300 professionals from the banking, insurance, and provident fund sectors.
Commenting on the launch, hkma’s deputy chief executive, arthur yuen said, “The supervisory incubator for dlt is a key component of our strategy to foster the development That are safe, efficient, and beneficial to the industry and the wider community. “
How the HKMA’s Incubator Works
Hong kong’s banks will effectively have a direct line of communication with regulators via this platform. The incubator will give banks Quick Access to a Team of HKMA Officials, For Feedback on the Risk Management Solutions they Developed Before a Wider Launch.
The platform has also been tasked with promote industry-wide awareness Around blockchain-Based Risk Management Solutions. Initiatives Such as Industry Sharing Sessions and Inception of Futuristic Research Projects will also be introduced under the incubator’s oversight.
Hong Kong’s Stance on Web3
Hong Kong emerged As the most ‘crypto ready’ region, in Forex Sugged’s ‘Worldwide Crypto Readiness Report’. Presently, hong kong does not have a comprehensive set of guidelines to govern its own crypto sector. The Trading, Purchasing, and Holding of Cryptocurrency is not prohibited.
Last April, Hong Kong approved Bitcoin and ether spot etfs in a landmark decision that allowed traders of traditional stocks to experience with crypto trading without having to directly engage to the infamous
A Few Months Later, Hong Kong also Establaired A new subcommittee, dedicated to drafting detailed crypto laws.
(Tagstotranslate)
