Three Asian authorities signalled how they want to handle digital assets, each in a different tone.
Hong Kong. The HKMA upgraded EnsembleTX so banks and their clients can settle real-value tokenized transactions at any time, including outside banking hours, and announced it during Hong Kong FinTech Week on November 2. Recognized dealers have completed secondary-market trial trades in tokenized Exchange Fund Bills, short-term HKMA debt, to support trading and repo. Regulated stablecoins will join later trials, but there is no start date. HSBC’s Hong Kong dollar stablecoin, launched on October 23 through PayMe, had about 50,000 users according to the bank’s CEO, which says little yet about payment volume.
South Korea. The Bank of Korea reportedly started its first survey of crypto-related risk on October 23, covering 18 banks and 13 brokerages. It asks about staffing, budgets, investments in crypto firms and three stress scenarios: a hack that suspends the largest local exchange, a steep and sustained price fall, and heavy losses at another institution. The survey began before the Binance hack, replies are reportedly due Wednesday, and the details come from press reports citing unnamed sources.
China. A Communist Party Central Committee decision adopted on October 29 and published in full by Xinhua on November 1 calls for cracking down on corruption using the internet, virtual currency, cross-border funds and blockchain. It is one sentence in a section on Party discipline and does not name bitcoin, trading or stablecoins. China declared crypto transactions illegal in 2021.
Together, the three point to regulators focusing on market plumbing, bank exposure and misuse.
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Sources:
- crypto.news: Hong Kong plans stablecoin trials for tokenized government debt
- Cointelegraph: Bank of Korea probes financial firms’ exposure to crypto risks
- CoinDesk: China’s Communist Party calls for a crackdown on corruption that uses crypto and blockchain
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