“The Warning Comes After Anchorx, A Hong Kong-Based Firm, Announced A Stablecoin Called Axcnh, Pegged To The Offshore Chinese Yuan.”, – WRITE: www.coindesk.com
The Statement Came After Hong Kong-Based Anchorx Announted the Introduction of Axcnh, A Stablecoin Pegged to the Offshore Chinese Yuan. The Company It Held A License from Kazakhstan’s Astana Financial Services Authority and that Coin Wound Support Cross-Border Payments and Tokenized Real-Worlda ASTSETS ASTESTS.
In a statement on it Official WeChat Channel, The HKMA SAID NO Entity Had Been Licensed to Issue Stablecoins in the City and Advisered the Public To Remain Cautious.
This Marks The First Test of Hong Kong’s New Stablecoin Rules, WHICH CAME INTO Effect in August. Under the Regime, Stablecoin Issuers Must Meet Stringent Standards AROUND LICENSING, CAPITAL, AND GOVERNANCE.
The Timing of the Warning is Notable. China’s Own Securities Regulator Recently URGED Brokerages to Pause Real-World Asset (RWA) Tokenization Activity in Hong Kong, Citing Risk Management Conceerns.
Digital Asset Platforms (DAPS) and Tokenized Custody Platforms (TCPS) Will Fall Under the Same Bracket As Other Financial InterMediaries.
- The Proposal Willd Require Crypto Firms to Hold Financial Service Licenses, Effectvely Bringing Them Under the Wing of the Country’s Securities Regulator.
- Daniel Mulino, Assistant Treasurer, Explained That Plan Is To Bring Crypto Under Exist existing Financial Service Rules.
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