Hong Kong's Stablecoin Rules Kick In as It Looks to Establish Its Crypto Credentials
The special administrative region of China has taken steps in recent years to strengthen its position in the industry en route to realising its goal of becoming a hub for crypto and Web3 in Southeast Asia. It established a regulatory framework for crypto exchanges more than two years ago, and started consulting on stablecoin rules in 2023.
The law governing stablecoins, which are cryptocurrencies whose value is pegged to a real-world asset such as the dollar, passed in May. Applications for licenses can be submitted from now for the next three months, according to Hong Monetary Authority (HKMA) guidance published on Tuesday. Firms that have submitted an application will be allowed to continue while their request is being considered until Jan. 31.
While some 40 companies were reportedly waiting to apply for a stablecoin license last month, many are unlikely to be successful. The market has become "overly excited," HKMA CEO Eddie Yue wrote last month. The regulator is likely to approve fewer than 10.
Se produjo un error al recuperar la información
Inicia sesión para acceder a tu portafolio
Se produjo un error al recuperar la información
Se produjo un error al recuperar la información
Se produjo un error al recuperar la información
Se produjo un error al recuperar la información
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Europe's Energy Future Hinges on Global Powers
The European Union's drive to replace Russian energy imports within two years, boost renewable energy rollout, and meet net-zero goals has put it in a position to become even more dependent on the two antagonistic global powers, the United States and China. The EU trade deal with the U.S. and the EU's reliance on China-made solar PV panels, wafers, and critical battery metals are likely to keep shaping the pace of energy transition in the European Union, which remains firmly committed to decarbonizing economies and becoming a carbon-neutral bloc by 2050. The new geopolitical realities in an increasingly protectionist world make the EU's energy transition more dependent on trade and tariff policies by the U.S. and China. In the goal to ditch all Russian energy by 2027, the EU is now more dependent on the United States than ever, while the target to accelerate renewable energy installations hinges on Chinese export policies for solar panel components and critical and rare earth elements. 'Balancing energy security and political realities will determine the pace and success of the EU's energy policies in the coming years,' Reuters energy columnist Ron Bousso points out. The reality under U.S. President Donald Trump is that Europe pledged to buy a total of $750 billion of American energy in three years, or about $250 billion per year. This would be more than tripling the $76 billion worth of American energy imports into the EU in 2024. A large part of the planned increase is expected to come from additional purchases of LNG from the United States. 'Purchases of US energy products will diversify our sources of supply and contribute to Europe's energy security,' the President of the European Commission, Ursula von der Leyen, said last week, commenting on the trade deal with the U.S., under which the American tariffs on most EU goods would be at 15%, half compared to the initially proposed 30%. 'We will replace Russian gas and oil with significant purchases of US LNG, oil and nuclear fuels.' So far, so good. But Europe is set to boost its reliance on U.S. LNG and pay higher prices for it, as soaring U.S. exports would drive U.S. benchmark prices higher, while competition for LNG supply with Asia will intensify. Significantly higher EU purchases will need a significant increase in U.S. export capacity. Even if all other planned or announced projects were approved today, they won't make it on time for a significant rise in LNG exports to drastically boost EU imports within three years. U.S. LNG exports are booming, but they won't be anywhere close to helping the EU triple its imports of American energy, per the trade deal. Europe, however, will become even more dependent on U.S. LNG. Related: The U.S. is already the EU's top supplier of LNG, with 55% of LNG supply to the bloc from the U.S. so far in 2025, according to estimates by the European Commission. The US is also the EU's top oil supplier (17% of all EU imports in 2024), and a key supplier of nuclear fuel and fuel services. The Commission insists that the EU-U.S. trade deal 'does not undermine EU's determination to decarbonise' as a jump in LNG imports over the next three years 'is fully compatible with our medium- and long-term policy to diversify our energy sources and to implement the REPowerEU Roadmap so that we fully phase out Russian energy imports as soon as possible.' The pillar of the REPowerEU plan and net-zero goals is the acceleration of solar and wind energy capacity installations. And here comes the Chinese dominance in solar power panels and other equipment. In 2023, China was the EU's largest supplier of solar panels, accounting for a whopping 98% of all imports, per the latest Eurostat data. Cheap Chinese panels are helping with the solar capacity rollout, but they have put many European solar manufacturers out of business. China's stronghold in critical minerals and rare earths is also a serious concern for Europe's automotive and renewable energy sectors. Stephane Sejourne, European Commissioner for Prosperity and Industrial Strategy, has even called for the creation of a strategic EU rare earths reserve. By Tsvetana Paraskova for More Top Reads From this article on Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Russia's Wartime Fossil Fuel Trade Dominated by Asian Buyers
China followed by India have been the two biggest wartime buyers of Russian fossil fuels, here defined as any oil, coal or gas purchased after Jan. 1, 2023. Turkey was the third-biggest buyer while the European Union came fourth. The economic bloc has attempted to wean itself off its dependency on Russian fossil fuels but has struggled to do so after 2022, especially when it comes to natural gas. Timelines published by CREA show that EU reductions in purchases were very significant during the first year after Russia's invasion of Ukraine, but have struggled to make meaningful progress since. At the same time, China, India and Turkey upped their buying in 2022 as Russian oil could be had at reduced rates. Especially fossil fuel flows to India rose by a lot during that year, while Turkish purchases also soared recently. The biggest EU buyers were Hungary, Slovakia, France and Belgium. As Voronoi reports, many rounds of sanctions were not enough to diminish Russian fossil fuel revenues due to a mix of global dependency on the major energy exporter and opportunism by non-alligned nations. After different types of sanctions have been tried out by Western alliances to curb Russia's export income (often unsuccessfully), U.S. Senator Lindsay Graham on Sunday said that steep tariffs could be another option to pressure countries to abstain from buying Russian oil. On Sunday, the lawmaker from the state of South Carolina said on Fox News directed towards India, China and Brazil: U.S. President Donald Trump had already mentioned this scenario last week on the ocassion of a visit by NATO Secretary General Mark Rutte, saying that "secondary tariffs" of 100 percent would come into effect for countries trading with Russia if no peace deal was reached within 50 days with Ukraine. A similar threat was leveled towards buyers of Venezuelan oil in March, but tariffs threatened only stood at 25 percent then. By More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
an hour ago
- Bloomberg
Trump's Interest Rate Obstacle Is Bigger Than Powell
Economics The Big Take Higher rates are the result of far more than Fed decisions. Debt, demographics, and deglobalization are all driving the price of money up. By President Donald Trump wants lower interest rates. Achieving that objective will require overcoming bigger obstacles than Fed Chair Jerome Powell. There are structural forces that drive the cost of borrowing, and right now they're pointing up. Governments and businesses are piling on debt to pay for tax cuts, military spending, and AI investments — which means more demand for credit. As the Baby Boomers retire and China decouples from the US, the pool of saving to finance those loans is drying up.
