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According to a survey by the Fiat Currency and Financial Institutions Group Forum (OMFIF), the majority of respondents believe that tokenization will reach a substantial level within three years. It is reported that OMFIF surveyed 26 institutions in Europe, Africa, Asia, and South America, including finance ministries, banks, and asset managers. 92% of respondents believe that financial marekt will experience a considerable degree of tokenization at some point, although all said it will take at ...
Abu Dhabi's financial regulator plans to regulate the Fiat Reference Token (FRT), a stablecoin, in response to calls from stakeholders seeking to issue the token. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has said that FRT issuers will be subject to operational restrictions and requirements. The FSRA recommends that the market value of reserve assets be at least equal to the par value of all FRTs in circulation at the end of each business day. FRTs shou...
The Hong Kong Treasury and the HKMA jointly issued a consultation summary on the legislative proposals to implement a regulatory regime for fiat stablecoin issuers in Hong Kong. During the consultation period, 108 submissions were received from market participants, industry organisations, chambers of commerce and professional bodies, as well as other stakeholders. With the increasing popularity and continued development of virtual assets, the vast majority of respondents agreed on the need to in...
The Hong Kong Treasury and the Hong Kong Monetary Authority jointly issued a consultation summary on legislative proposals to implement a regulatory regime for fiat stablecoin issuers in Hong Kong. It was mentioned that, considering that the field of stablecoins is still in its infancy, a significant majority of respondents agreed to introduce new legislation to implement a regulatory regime for fiat stablecoin issuers, and to exclude fiat stablecoin issuance from the regulatory regime for secur...
The Hong Kong Treasury Bureau said that in view of the important role of fiat stablecoins in Web3 and the virtual asset ecosystem, as well as the increasingly close connection between the traditional financial system and the virtual asset market, the SAR government needs to address the issue of fiat stablecoins.
