The Hong Kong Monetary Authority has consulted the industry on its revised crypto-asset regulatory policy manual.

The Hong Kong Monetary Authority (HKMA) has published a new regulatory policy manual outlining the classification of crypto assets under the Basel capital rules. Starting January 1, 2026, Hong Kong will implement the Basel framework by revising its capital, disclosure, and significant exposure rules. The manual divides crypto assets into two groups. The first group consists of tokens pegged to traditional assets and stablecoins with effective stabilization mechanisms, which will be treated similarly to equivalent traditional assets. The second group consists of unbacked tokens, such as Bitcoin and Ethereum, as well as non-qualified tokenized assets and stablecoins, which will be fully capitalized and subject to stricter treatment. Stablecoins licensed under Hong Kong's latest Stablecoin Ordinance will be treated as lower-risk assets. Industry insiders can provide comments on the revised rules before October 10. (Jinshi)