Asia is determined not to be sidelined in the evolution of cryptocurrency regulation worldwide. 🌐 Today, apcoworldwide looks into the unique perspectives on the evolving crypto space in this area 🔎
are working to develop regulatory frameworks aimed at protecting consumers and mitigating systemic risk, Asia is also eager to contribute to the global conversation.
, aiming to synthesize macroeconomic and regulatory perspectives on crypto assets. This initiative seeks to establish a coordinated and comprehensive policy approach to crypto assets. The paper is expected to be ready before the G20 Finance Ministers and Central Bank Governor’s Meeting in India in October.
However, against the backdrop of the industry’s crashes over the last year, Singapore's focus is on becoming a crypto-asset hub centered on tokenizing assets, fostering innovation, and enhancing economic efficiency and social inclusion rather than being a hub for trading and speculations in cryptocurrencies.
The consultation concluded at the end of the year, and MAS plans to publish its response to the consultation feedback by mid-2023 – when we can expect an advancement of the proposed measures.Hong Kong is also making moves to revamp its profile as a crypto hub, introducing new regulations and licensing requirements for digital asset trading businesses. Unlike mainland China's stringent crypto ban, Hong Kong provides a more lenient regulatory environment for cryptocurrencies.
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