Hong Kong Exchanges Still Do Not Approve Of Stablecoins To Trade, May Introduce Guidelines In 2024
Portfolio Pulse from Khyathi Dalal
Hong Kong's Secretary for Financial Services and the Treasury, Christian Hui, announced that the country has not adopted any regulations for stablecoins such as Tether (USDT) or USD Coin (USDC), thus they will not be allowed to trade on the exchange. The Hong Kong Monetary Authority may introduce regulatory guidelines for the stablecoin market by the end of 2024. This comes after Hong Kong allowed retail trading of cryptocurrencies in early August 2023.
October 06, 2023 | 5:24 pm
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NEGATIVE IMPACT
USD Coin (USDC) will not be allowed to trade on the Hong Kong exchange due to lack of regulations. This could limit the market reach of USDC in the short term.
The announcement by Hong Kong's Secretary for Financial Services and the Treasury directly impacts USD Coin (USDC) as it restricts its trading in the Hong Kong market. This could lead to a decrease in demand and potentially affect its price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Tether (USDT) will not be allowed to trade on the Hong Kong exchange due to lack of regulations. This could limit the market reach of USDT in the short term.
The announcement by Hong Kong's Secretary for Financial Services and the Treasury directly impacts Tether (USDT) as it restricts its trading in the Hong Kong market. This could lead to a decrease in demand and potentially affect its price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100