The Central Bank of Hong Kong may reduce capital bases on banks that maintain encryption: Report

Hong Kong Monetary Authority (Hkma) He circulated plans to alleviate capital requirements for banks that keep cryptocurrencies, local financial news port Caixin mentioned on Wednesday.

The Central Bank issued a draft papers for public suspension with the aim of clarifying the guidance regarding the organization of capital for encryption assets, which will be implemented early next year.

The formulated guidelines focus on reducing bank capital requirements if exporters can take appropriate measures to prevent risks and respond to them, according to the report.

Hong Kong has emerged as one of the world centers to develop the cryptocurrency industry through a more useful regulatory system. Long -awaited directives on Stablecoins entered into force last month After the requests rush from the potential exporters.

The shift to the most lenient capital requirements for banks that maintain encryption can help promote Hong Kong’s position as a global pioneer to adopt encryption.

HKMA did not respond to Coindsk’s request for comment.