The Hong Kong Monetary Authority, Hong Kong’s central bank institution, released a survey to get public feedback on regulation for stablecoins and crypto-assets. A state-backed regulator hopes to set up a regulatory structure by 2023-24.

HKMA’s “Discussion Paper on Crypto-assets and Stablecoins” highlights the explosive growth of the stablecoin market in terms of market capitalization since 2020 and the concurrent regulatory recommendations put forth by international regulators including the United States’ Financial Action Task Force (FATF), the Financial Stability Board (FSB) and The Basel Committee on Banking Supervision (BCBS).