As per the circular posted by the Hong Kong Monetary Authority, the Basel Committee on Banking Supervision (BCBS) issued two important documents on 17 July 2024: “Disclosure of Cryptoasset Exposures” and “Cryptoasset Standard Amendments.” The first document outlines the final disclosure framework for banks’ cryptoasset exposures, requiring banks to disclose qualitative and quantitative information on their cryptoasset activities, including capital and liquidity requirements and accounting classifications. The second document provides targeted amendments to the existing cryptoasset standard, specifying criteria for stablecoins to receive preferential regulatory treatment and including technical revisions for a consistent understanding of the standard. The Hong Kong Monetary Authority plans to align its regulatory framework with these updates and will consult the industry on any major additional changes to local requirements.
Resources: https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2024/20240723e1.pdf