While stablecoins catching the pulse of the rapidly growing Crypto market globally, Hong Kong announced retail stablecoin trading is still not allowed in the country.
What Happened: Hong Kong’s Secretary for Financial Services and the Treasury Christian Hui said the country has not adopted any regulations for stablecoins such as Tether (CRYPTO: USDT) or USD Coin (CRYPTO: USDC). Thus, those assets will not be allowed to trade on the exchange.
The Hong Kong Monetary Authority may introduce regulatory guidelines for the stablecoin market by 2024 end, as reported by Coin Telegraph.
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The official highlighted that although the majority of cryptocurrency service providers across the globe use stablecoins as a ...