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HKMA reviews current crypto-asset regulations | 香港金管局检讨现行对加密资产的规管

  • Hong Kong
  • Crypto assets
  • Privacy, data protection and cybersecurity


In light of the growing adoption of crypto-assets, the Hong Kong Monetary Authority (HKMA) will look to issue further regulatory guidance by 2022/23 with the aim of introducing a new regime by 2023/24. Whilst the regulation of payment-related stablecoins is the current focus of HKMA, regulators will continue to monitor the various risks of other types of crypto-assets (including unbacked crypto-assets).

On 12 January 2022, HKMA issued a discussion paper on crypto-assets and specifically stablecoins.

The paper invites feedback on the adequacy of the existing regulatory framework in response to challenges arising from the growing use of crypto-assets. Some of HKMA’s key statements / views are:

  • crypto-assets may not fall readily within the existing frameworks or Hong Kong’s proposed Virtual Asset Services Providers licensing regime;
  • HKMA plans to adopt a new risk-based and agile regulatory regime;
  • “payment-related stablecoins” (particularly asset-linked stablecoins) are singled out for increased regulatory focus given their higher potential to be incorporated into the mainstream financial system and therefore the monetary risks they pose;
  • HKMA is considering to regulate a wide ambit of activities associated with stablecoins, including the issuance and destruction of stablecoins, management of reserve assets backing stablecoins, validation of transactions, and storing of private keys accessing stablecoins;
  • HKMA’s view is that only entities incorporated in Hong Kong and holding a relevant licence granted by HKMA shall carry out the regulated activity; and
  • HKMA (together with Hong Kong’s Securities and Futures Commission) are developing additional guidance on the provision of crypto-related intermediary services by Authorised Institutions.

HKMA acknowledges that there has been significant growth in the market capitalisation of crypto-assets since the COVID-19 outbreak.

HKMA also acknowledges that there are multiple financial regimes in Hong Kong. HKMA will work closely with other financial regulators and stakeholders to identify possible areas for further collaboration and coordination.

As above, Hong Kong Government has previously proposed a new licensing regime for virtual asset service providers. Please see our previous article here.

Beyond Hong Kong, central banks and international standard-setting bodies across the globe are actively formulating strategies to regulate the burgeoning industry.

Stakeholders are invited to submit their views on HKMA’s discussion paper (in English only) by end of March 2022.

鉴于加密资产日趋普及,香港金融管理局(「金管局」)将寻求在 2022/23年前发布进一步的规管指引,以冀在 2023/24年前引入新制度。虽然金管局目前着重于规管用作支付的稳定币,但监管机构将持续关注其他类型的加密资产(包括无资产支持的加密资产)的各种风险。


该讨论文件邀请各方就现行监管模式的充分性提供反馈,以应对加密资产日趋普及所带来的挑战。 金管局的主要观点包括:

  • 香港现有架构或近年倡议的「虚拟资产服务提供商发牌制度」或未能有效规管加密资产;
  • 金管局计划采用以风险为本并具灵活性的新监管制度;
  • 「用作支付的稳定币」(尤其是与资产挂钩的稳定币)将成为规管重点,主要因为它们被纳入主流金融体系的可能性较大,故此所衍生的货币风险也较大;
  • 金管局正考虑对与稳定币相关的一系列活动进行规管,包括稳定币的发行和销毁、支持稳定币的储备资产管理、交易验证,以及用作读取稳定币的私人密钥的存储;
  • 金管局认为,只有在香港注册成立并持有金管局颁发相关牌照的实体才能进行受规管活动;及
  • 金管局(联同香港证券及期货事务监察委员会)正研究额外指引,旨在规管由认可机构提供的与加密货币相关的中介服务。