In a significant move to bolster its position in the cryptocurrency landscape, Hong Kong is set to implement new regulations aimed at enhancing the adoption and usage of digital assets among banks.

This initiative comes in the wake of a renewed wave of pro-crypto policies spearheaded by the United States, which aspires to establish itself as the world’s crypto capital. Recognizing the need to stay competitive, Hong Kong’s regulatory framework seems to be evolving to stay at the forefront of this race.

New Crypto Asset Classification Module For Banks

The Hong Kong Monetary Authority (HKMA) recently issued a draft document for public consultation, introducing a new module titled CRP-1, or “Crypto Asset Classification,” as part of its “Banking Regulatory Policy Manual.”

This draft is desi

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