web3inhk - An Overview
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Developing on the expertise and working experience in wholesale CBDC, in June 2021, the HKMA commenced Venture e-HKD, which is a retail or normal-objective CBDC project that aims to check the feasibility of e-HKD and subsequently, on 27 April 2022, the HKMA launched a dialogue paper titled “e-HKD: A policy and design and style perspective” which focused on the plan and design and style aspects of introducing the e-HKD (see the response to issue six higher than for even more detail).
The HKMA sees the subsequent step as being for it to operate Together with the banking market and also the Fintech community to turn the findings and tips in the Second DLT Whitepaper into a set of functional tips for the use of DLT in the banking sector Sooner or later.
Even though offering easy access to credit rating for firms, the platform lowers possibility and cost for financiers. CryptoBLK has built the Atlas platform using R3’s Corda blockchain. It's hosting the participant blockchain nodes on Microsoft Azure in different continents at the same time.
“Hong Kong’s prolonged assist for Digital property due to the fact October is even further Improved Using the new licensing routine and consultation,” Jupiter Zheng, investigate director at HashKey Funds, suggests inside of a penned remark.
Similarly, the Government and the key regulators have Each individual expressed caution as into the pitfalls that include these types of know-how.
That’s simply because There may be an “option Charge” affiliated with delaying migration Blockchain Hong Kong to ISO 20022 messaging expectations, Foulds stated.
In the case of non-compliance by a VASP Using the statutory AML and CTF obligations, each the VASP and its responsible officers will dedicate an offence carrying optimum penalties of a HK£1 million fantastic and two years’ imprisonment.
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It even further reflected on quite a few troubles referring to governance, risk management, compliance, protection and privacy, and lawful matters which were determined in the PoC tasks.
The SFC also encouraged crypto Trade platforms operating from the nation to make an application for a license if they even now want to carry on undertaking business enterprise, and those who do not desire to submit an application for a license are urged to shut down their functions.
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Are there any governmental or regulatory initiatives created to aid or stimulate the development and use of blockchain engineering (as an example, a regulatory sandbox or possibly a central lender electronic currency initiative)?
On Monday, Hong Kong proposed procedures that might let retail traders trade sure “huge-cap tokens” on accredited exchanges, a stark distinction to mainland China across its border the place crypto-connected transactions are outright banned.
Although some have expressed the look at which the SFC has occasionally overreached in its proclamations regarding varieties of VAs or ICOs / STOs which drop outside the house the scope of its regulatory jurisdiction, the overall consensus is the fact it has acted inside of a method per its functions like a front-line financial regulator in Hong Kong, particularly that of investor safety.