ChainCatcher news, the Hong Kong Monetary Authority (HKMA) announced a collaboration with the central banks of Brazil and Thailand to conduct cross-border tokenized transactions, including atomic settlement (DvP) for digital asset trading and wholesale CBDC (PvP).In addition, the Hong Kong Monetary Authority plans to provide a subsidy of up to HKD 2.5 million for digital bond issuance to promote Hong Kong as a tokenized venue.

ChainCatcher news, according to Bloomberg, Ravi Menon, the head of the Monetary Authority of Singapore (MAS), stated at a high-level meeting of the Hong Kong Monetary Authority and the Bank for International Settlements that private cryptocurrencies that fail to pass the basic financial services test will eventually exit the stage. The future monetary system will consist of three key components: CBDCs, tokenized bank liabilities, and "well-regulated" stablecoins.

ChainCatcher news, according to official sources, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is testing CBDC interconnection innovative solutions with three central banks, including the Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan. It has now entered a new phase of sandbox testing, integrating the solutions with the infrastructure of various regions for direct testing.In addition, SWIFT has also launched the second phase of sandbox testing, where commercial banks, central banks, and financial market infrastructures are exploring other use cases, including trigger-based payments on digital trading platforms, foreign exchange models, delivery versus payment, and liquidity saving mechanisms. The Reserve Bank of Australia, Deutsche Bundesbank, the Monetary Authority of Singapore, and the Bank of Thailand are among the more than 30 institutions involved in the expanded second phase.

ChainCatcher news, the Hong Kong Monetary Authority, in collaboration with the Bank of Israel and the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre, published the report "Project Sela - A Widely Usable and Secure Retail Central Bank Digital Currency Ecosystem" and participated in the launch event hosted by the Bank of Israel in Tel Aviv.It is reported that Project Sela is the first fintech collaboration project between the Monetary Authority and the Bank of Israel. Project Sela demonstrates the technical feasibility of non-bank payment intermediaries directly connecting to the central bank digital currency ledger through the design structure of retail central bank digital currency, thereby promoting competition and innovation in the digital payment sector. The project established a proof-of-concept prototype using distributed ledger technology (DLT), proving that the design structure can meet stringent cybersecurity, legal, and policy requirements in technical execution.HKMA Vice President Li Dazhi stated, "We are pleased to have successfully completed Project Sela with the Bank of Israel and the BISIH Hong Kong Centre. The project has provided valuable and practical insights into the implementation of retail central bank digital currency in terms of cybersecurity, technology, and policy. Although the HKMA has not decided whether or when to launch the digital Hong Kong dollar, the results of Project Sela are of reference value for our ongoing research. We hope the project can also assist other central banks in evaluating different design structures for retail central bank digital currencies."

ChainCatcher news, the Hong Kong Monetary Authority tweeted that the ongoing pilot program for the digital Hong Kong dollar (e-HKD) is exploring six use case categories, including Web3 settlement, tokenized assets, and tokenized deposits.Mastercard is exploring the potential of e-HKD in facilitating transaction settlements across different chains on Web3 platforms.In terms of tokenized asset settlements, the pilot project by Ripple and Fubon Bank demonstrates the potential of e-HKD to unlock the value of illiquid assets through real estate asset tokenization. Meanwhile, Boston Consulting Group, HKT Payment, and Za Ban are exploring tokenized asset-backed financing settled in e-HKD.In the area of tokenized deposit security, Hang Seng Bank, HSBC, and VISA are leading pilot projects that utilize tokenized deposits and e-HKD to facilitate real-time 24/7 interbank transfers.

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) announced today the launch of the "e-HKD" pilot program. Sixteen selected companies from the finance, payment, and technology sectors will conduct the first round of trials within this year. The program will explore potential use cases for e-HKD in six areas, including comprehensive payments, programmable payments, offline payments, tokenized deposits, Web3 transaction settlement, and tokenized asset settlement.HKMA Chief Executive Eddie Yue stated: Although the HKMA has not decided whether or when to launch e-HKD, we are pleased to initiate the e-HKD pilot program. This is a great opportunity for the HKMA to collaborate with the industry to explore innovative use cases and to prepare for the potential launch of e-HKD in the future. (Source link)

ChainCatcher news, according to CoinDesk, applicants for bank accounts at local banks in Hong Kong have reported difficulties, and even licensed companies are no exception. Although the Hong Kong Monetary Authority organized meetings to suggest relaxing the entry permits for cryptocurrency companies, banks seem to be unresponsive.Some respondents indicated that currently, cryptocurrency companies in Hong Kong are opening accounts at overseas banks or disguising themselves as other types of companies to open accounts at local banks, but even if they successfully open accounts, they may be closed months later. Some companies choose to purchase expensive insurance or investment products to maintain their relationships with banks. (Source link)

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) stated in its "2022 Annual Report" released today that the focus for 2023 will include virtual assets, and the HKMA will refer to the latest market developments and revisions of international standards in this process.To promote the sustainable and responsible development of the virtual asset industry, the HKMA will actively participate in relevant international organizations and collaborate with the government and other financial regulatory bodies to establish a comprehensive regulatory framework for virtual assets. The HKMA will continue to develop a flexible and risk-based regulatory system for stablecoins, aiming to support financial innovation and market development while addressing the potential monetary and financial stability risks posed by stablecoins. The HKMA will begin to formulate more detailed regulatory requirements, taking into account various factors, including the latest market developments, recommendations and best practices from international organizations regarding stablecoin regulation, and responses received from discussion papers on crypto assets and stablecoins. The HKMA will also continue to actively participate in international discussions on stablecoins and monitor developments in major markets regarding crypto assets.After considering the opinions collected from public consultations and relevant international standards, the HKMA will adopt a "same risk, same regulation" approach to establish the regulatory system for stablecoins and define its regulatory scope. "In the future, the first targets for regulation will be those stablecoins that claim to be pegged to the value of one or more fiat currencies," as such stablecoins may pose higher and more urgent potential risks to monetary and financial stability. (source link)

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) has released its "2022 Annual Report".Regarding the digital Hong Kong dollar, the HKMA pointed out that it will adopt a three-track approach to prepare for the potential issuance of a digital Hong Kong dollar and has launched a second track pilot program, inviting the industry to explore feasible application scenarios for the digital Hong Kong dollar.Yu Weiwen summarized that while we embrace financial innovation and the benefits it brings, we must also understand the necessity of monitoring and managing the risks that related developments may pose.He stated that we are closely monitoring the developments in the virtual asset sector and participating in international discussions on related regulatory matters. He revealed that after considering the opinions collected from public consultations and relevant international standards, the HKMA will adopt a "same risk, same regulation" approach to establish a regulatory framework for stablecoins and define its regulatory scope. (Source link)

ChainCatcher news, the Vice President of the Hong Kong Monetary Authority, Yuang Guoheng, published an article titled "Embracing Opportunities • Addressing Account Opening," stating that in recent months we have actively discussed with banks and indicated that there are no legal or regulatory requirements prohibiting banks operating in Hong Kong from providing banking services to virtual asset-related institutions.As the regulatory framework for virtual asset activities in Hong Kong is gradually implemented, and as countries around the world strengthen relevant regulations based on international standards, banks' understanding of the virtual asset industry is also deepening. We expect that regulated virtual asset service providers will gradually succeed in opening bank accounts through reasonable procedures. To address account opening demands and streamline processes, the Monetary Authority will issue a circular to banks later today to further clarify some industry questions regarding customer due diligence and share some processed cases and best practices for industry reference.In addition, the Monetary Authority will hold a roundtable meeting tomorrow with the Securities and Futures Commission to directly communicate with the banking industry and some virtual asset-related institutions about the "difficulty in account opening" and share useful information. (Source link)

ChainCatcher news, according to the South China Morning Post, the FTX creditor list includes over 50 Hong Kong institutions, including local regulatory bodies such as the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), but it is currently unclear whether FTX owes any liabilities to these institutions.The Securities and Futures Commission has not yet responded to requests for comment, but a spokesperson for the Hong Kong Monetary Authority stated, "We have noted this matter. This list was compiled by a U.S. financial consulting firm and contains thousands of names, including many regulatory bodies from various jurisdictions. We cannot comment on the reasons for including the Hong Kong Monetary Authority on the list." In November 2022, HKMA Chief Executive Eddie Yue stated during a presentation on the performance of the government's Exchange Fund that the fund has not invested in cryptocurrencies. (source link)

ChainCatcher news, on October 31, the official website of the People's Bank of China published a speech by Governor Yi Gang at the "2022 Hong Kong FinTech Week" event. Yi Gang stated that in designing the digital renminbi, we adopted a "dual-layer operation" and "controllable anonymity" approach, which protects personal privacy while maintaining financial security.Currently, the People's Bank of China is collaborating with the Hong Kong Monetary Authority and other monetary authorities on CBDC. We hope that such cooperation can better serve the needs of international and domestic markets and help consolidate Hong Kong's position as an international financial center. Looking ahead, we are willing to strengthen cooperation with various monetary authorities and international institutions on CBDC. (Source link)

链捕手消息，香港拟2023/24年之前引入新的加密货币监管计划。据悉香港金融管理局发布一份关于加密资产和稳定币的讨论文件，邀请业界和公众就有关的监管模式在今年3月31日或之前提出意见，预计会在今年7月前制订计划，引入新的或调整现有的监管制度，目标是在2023/24年之前引入新的监管制度。 香港金融管理局表示，虽然加密资产尚未对金融稳定构成重大风险，但如果此类资产类别继续快速发展，这将带来更大的风险。因此，以适当的方式在监管加密资产将有助于解决对用户和金融系统构成的各种风险，同时拥抱潜在的金融创新。 金管局总裁余伟文表示，加密资产的迅速发展，尤其是稳定币，是国际监管机构关注的课题，因其可能为货币和金融稳定带来风险。金管局期望制订一个风险为本、务实和灵活的监管制度。（来源链接）