{"id":80803,"date":"2023-06-27T11:03:04","date_gmt":"2023-06-27T08:03:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80803"},"modified":"2025-09-11T19:11:29","modified_gmt":"2025-09-11T16:11:29","slug":"ceo-circle-hong-kong-to-become-a-hub-for-the-digital-asset-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ceo-circle-hong-kong-to-become-a-hub-for-the-digital-asset-market\/","title":{"rendered":"CEO Circle: Hong Kong to Become a Hub for the Digital-Asset Market"},"content":{"rendered":"<p>Hong Kong will strengthen its position in the digital-asset market and <a href=\"https:\/\/u1f987.com\/en\/news\/what-are-stablecoins\">stablecoins<\/a>. The view was shared by the CEO of the co-emitter<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-usdc-stablecoin\"> USDC<\/a> \u2014 Circle \u2014 Jeremy Allaire, Bloomberg reports.<\/p>\n<p>According to the executive, what is happening in Hong Kong could serve as an example for Mainland China.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;We see enormous demand for digital dollars in developing markets. Asia is playing a leading role,&#8221;<\/em> Allaire said.<\/p>\n<\/blockquote>\n<p>The Circle CEO said it is closely watching regulatory changes in Hong Kong after the new rules took effect, as the region is &#8220;of enormous interest.&#8221;<\/p>\n<p>In June 2023 the company <a href=\"https:\/\/u1f987.com\/en\/news\/circle-obtains-major-payment-institution-licence-in-singapore\">received a license<\/a> <span data-descr=\"Major Payment Institution \u2014 a major payment institution\" class=\"old_tooltip\">MPI<\/span> from the Monetary Authority of Singapore, which will help to more actively distribute the stablecoin in the region.<\/p>\n<p>The <span data-descr=\"Hong Kong Securities and Futures Commission\" class=\"old_tooltip\">SFC<\/span> rules, which took effect on 1 June 2023, <a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-regulator-proposes-rules-for-cryptocurrency-platforms\">established<\/a> safe custody of assets, their segregation, prevention of conflicts of interest and cybersecurity standards.<\/p>\n<p>The Hong Kong Monetary Authority will, during 2023-2024<a href=\"https:\/\/www.hkma.gov.hk\/eng\/news-and-media\/press-releases\/2023\/01\/20230131-9\/\"> will introduce<\/a> mandatory licensing for stablecoin issuers. The regulator plans to oversee the management, issuance and safeguarding of the token peg to fiat.<\/p>\n<p>Earlier, Circle CEO Jeremy Allaire <a href=\"https:\/\/u1f987.com\/en\/news\/circle-ceo-attributes-usdcs-decline-in-market-capitalization-to-regulator-actions\">called<\/a> enforcement actions the main factor behind USDC&#8217;s capitalization<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a>. The executive did not rule out the United States losing its lead in the sector to the EU, Hong Kong and the UAE.<\/p>\n<p>In June, reports emerged that First Digital from the Special Administrative Region of China<a href=\"https:\/\/u1f987.com\/en\/news\/hong-kong-custodian-to-launch-dollar-pegged-stablecoin\"> to launch<\/a> a dollar-pegged stablecoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong will strengthen its position in the digital-asset and stablecoin markets. This view was expressed by Circle CEO Jeremy Allaire, the USDC co-emitter, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":80804,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1220,832,910],"class_list":["post-80803","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-circle","tag-hong-kong","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80803","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=80803"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80803\/revisions"}],"predecessor-version":[{"id":80805,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/80803\/revisions\/80805"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/80804"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=80803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=80803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=80803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}