HKMA to Launch Real-Time Settlement Amid Global Crypto Regulatory Updates
The Hong Kong Monetary Authority (HKMA) plans to launch on-chain real-time settlement by year-end, supporting the digital Hong Kong dollar and central bank digital currencies (CBDCs). According to Eddie Yue, Chief Executive of HKMA, this will be a major step forward for Hong Kong's digital finance sector.
In other news, the People's Bank of China has reiterated its stance on virtual currencies, stating that they are not legal tender and cannot circulate as currency. Conducting virtual currency-related businesses within China is strictly prohibited, and domestic entities and overseas entities under their control shall not issue virtual currencies abroad.
The Russian Finance Ministry reported that Russia currently has approximately 20 million cryptocurrency users, with residents' total related investments reaching 3.7 trillion rubles (about $44 billion). This represents a significant portion of the market remaining outside the regulatory framework.
The US government is investigating Binance for potential sanctions violations, specifically regarding transactions involving Iran. The exchange has stated that it maintains a zero-tolerance policy for such violations and will cooperate fully with law enforcement.
South Korean industry insiders are calling for liquidity safeguards in KRW-pegged stablecoin regulation, citing instances of significant price deviations following listings on local exchanges. They recommend measures such as designated market makers (MM) or liquidity providers (LP), mandatory disclosure of price deviations, and market order restrictions.