The Hong Kong Monetary Authority (HKMA) will change the current regulatory framework for cryptocurrencies by July this year as the city tries to compete with Singapore to become a cryptocurrency hub.
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According to Bloomberg, the financial watchdog is planning to change rules for three areas of the space: stablecoins, investor protection and how institutional investors can deal with cryptocurrencies. The HKMA head, Eddie Yue, says that the regulator wants to adopt a so-called "same risk, same regulation" approach to the cryptocurrency market.
In May 2021, the Hong Kong government moved toward banning cryptocurrency exchanges to non-professional investors. According to an announcement, the government obliged all local cryptocurrency exchanges to receive a license from the Securities and Futures Commission.
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