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Unlike volatile digital assets like bitcoin the value of stablecoins is tied to a real-world asset like fiat currencies or commodities like gold The new law focused on fiat-referenced stablecoins will require stablecoin issuers to obtain a license from the Hong Kong Monetary Authority Hong Kong passed a stablecoin bill on Wednesday to expand its cryptocurrency licensing regime as more governments recognize the digital asset Unlike volatile digital assets like bitcoin the value of stablecoins is tied to a real-world asset like fiat currencies or commodities like gold The new law focused on fiat-referenced stablecoins will require stablecoin issuers to obtain a license from the Hong Kong Monetary Authority and comply with a range of requirements including proper management of asset reserves and segregation of client assets It will enhance Hong Kong s existing regulatory framework on virtual-asset VA events thereby fostering financial stability and encouraging financial innovation the central banking body commented It added that it would conduct further consultations on the detailed regulatory framework The Hong Kong leadership announced in a declaration that the stablecoins procedures is expected to come into effect this year with sufficient time allowed for the industry to understand the requirements In Hong Kong introduced its virtual asset licensing regime which requires cryptocurrency firms with an official presence in the city to apply for licenses and meet specific standards and requirements to offer digital assets to retail investors in the city However the existing protocol did not include stablecoins in its purview Hong Kong s new stablecoin agenda sets a global benchmark by mandating full reserve backing strict redemption guarantees and HKMA oversight YeFeng Gong pitfall and strategy director of HashKey OTC explained CNBC HashKey OTC is a trading arm of the HashKey Group which has a licensed crypto platform in Hong Kong The initiative ensures institutional-grade reliability for traders while positioning Hong Kong as a leader in compliant digital finance he added Crypto adoption and legitimacy The move from Hong Kong comes just days after the U S Senate advanced the GENIUS Act which would establish the first regulatory framework for issuers of stablecoins if implemented A push to regulate stablecoins has been intensifying globally with other jurisdictions having also implemented their own regulatory frameworks including the European Union Singapore the United Arab Emirates and Japan blockchain intelligence firm Chainalysis explained in a analysis on Wednesday Chengyi Ong head of Asia-Pacific procedures at Chainalysis narrated CNBC that the latest regulations are expected to help with crypto adoption and legitimacy Stablecoins form the backbone of the crypto ecosystem but their stability also opens the door to their use in overcoming frictions dogging traditional finance such as slow cross-border payments and settlement Ong commented This potentially transformative utility is what has driven governments around the world from Europe to Asia to take efforts toward regulatory regimes that will facilitate the emergence of high-quality stablecoins she added According to Chainalysis the total realm cap of stablecoins is around billion as of this month