Hong Kong plans to promote new regulations on cryptocurrencies and infrastructure to guide insurance industry investment.
TL;DR
Hong Kong plans to introduce new regulations on cryptocurrencies and infrastructure to guide insurance industry investment, including a 100% risk fee on crypto assets. The proposal is open for public comment from February to April before legislative review.
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On December 22, Bloomberg reported that Hong Kong plans to introduce new regulations on cryptocurrencies and infrastructure to guide insurance industry investment. The insurance regulator will levy a 100% risk fee on crypto assets. Documents show that the risk fee for stablecoin investments will be determined based on the fiat currency pegged to the stablecoin regulated in Hong Kong. The regulator's proposal is still subject to change and will be open for public comment from February to April before being submitted to the legislative process.