HKMA Archives - Coin Engineer https://coinengineer.net/blog/tag/hkma/ Btc, Coins, Pre-Sale, DeFi, NFT Fri, 29 Nov 2024 11:20:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png HKMA Archives - Coin Engineer https://coinengineer.net/blog/tag/hkma/ 32 32 Hong Kong to Subsidize Companies Issuing Tokenized Bonds! https://coinengineer.net/blog/hong-kong-to-subsidize-companies-issuing-tokenized-bonds/ https://coinengineer.net/blog/hong-kong-to-subsidize-companies-issuing-tokenized-bonds/#respond Fri, 29 Nov 2024 13:00:17 +0000 https://coinengineer.net/blog/?p=33034 The Hong Kong Monetary Authority (HKMA) has launched the Digital Bond Grant Scheme (DBGS), offering subsidies of up to 50% of the costs for companies issuing digital tokenized bonds. This initiative is aimed at boosting the adoption of tokenization in the digital securities market. Companies can receive grants of up to 2.5 million Hong Kong

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]]> The Hong Kong Monetary Authority (HKMA) has launched the Digital Bond Grant Scheme (DBGS), offering subsidies of up to 50% of the costs for companies issuing digital tokenized bonds. This initiative is aimed at boosting the adoption of tokenization in the digital securities market. Companies can receive grants of up to 2.5 million Hong Kong dollars (around $321,184 USD) with two applications allowed per company annually.

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To qualify for a grant, the issued bonds must be valued at a minimum of $128.5 million and listed on the Hong Kong Stock Exchange or a licensed platform in Hong Kong. Additionally, applicants must have a substantial physical presence in the region.

HKMA CEO Eddie Yue highlighted that this program is designed to overcome barriers to tokenized bonds adoption and accelerate innovation in Hong Kong’s financial sector. In February 2023, Hong Kong issued $100 million worth of tokenized green bonds, marking a significant step toward the digital asset space. This new grant scheme reinforces Hong Kong’s position as a leading global financial hub.

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]]> https://coinengineer.net/blog/hong-kong-to-subsidize-companies-issuing-tokenized-bonds/feed/ 0 Hong Kong and Its New Crypto Move! https://coinengineer.net/blog/hong-kong-and-new-crypto-move/ https://coinengineer.net/blog/hong-kong-and-new-crypto-move/#respond Wed, 21 Feb 2024 13:00:21 +0000 https://coinengineer.io/blog/?p=12962 Hong Kong and Its New Crypto Move! Hong Kong Monetary Authority (HKMA) has issued an 11-page circular on tokenization and digital asset custody standards for locally authorized organizations. The document urges institutions to conduct comprehensive risk assessments for proper governance and risk management in crypto custody services and allocate the necessary resources. Also, the HKMA

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]]> Hong Kong and Its New Crypto Move! Hong Kong Monetary Authority (HKMA) has issued an 11-page circular on tokenization and digital asset custody standards for locally authorized organizations. The document urges institutions to conduct comprehensive risk assessments for proper governance and risk management in crypto custody services and allocate the necessary resources. Also, the HKMA requests organizations to develop internal policies to effectively address potential or existing conflicts of interest.

These authorized organizations are also required to segregate customer assets from corporate assets and to develop containment and disaster recovery plans to reduce the risk of loss of customer digital assets due to theft, fraud, negligence, or other unfair actions, as stated in the HKMA’s guidelines.

Other requirements from the actual central bank of Hong Kong include a comprehensive explanation of the risks associated with crypto custody regulations and compliance with anti-money laundering and terrorist financing protocols. These authorized institutions or the related locally established authorized institutions (including subsidiaries already engaged in such activities) must inform the HKMA and confirm compliance with the standards stated in the Appendix within six months from the date of the circular issuance, the “HKMA specified.

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This guide follows Hong Kong’s efforts to reclaim its position as the crypto hub of Asia. Since June 2023, the region has officially started the licensing regime for virtual asset trading platforms and granted permission to licensed exchanges to provide retail trading services. Hong Kong has granted licenses to two platforms, namely HashKey and OSL.

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