Regulatory Alerts2019-03-18
Added · Updated
BCBS Statement on Crypto-Assets
The Hong Kong Monetary Authority directs authorized institutions to adhere to the Basel Committee on Banking Supervision's prudential expectations regarding crypto-asset exposures. The regulator highlights that crypto-assets lack the reliability of standard money functions and pose potential financial stability risks due to their lack of government backing. Authorized institutions planning to engage in crypto-asset activities must consult with the HKMA and demonstrate the implementation of appropriate risk management systems and controls.