Hong Kong launches "Regulatory Incubation Center" to accelerate the application of safe blockchain in banks!

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The Hong Kong Monetary Authority (HKMA) recently announced the establishment of the "Regulatory Incubation Center", marking an important step for Hong Kong to become a global cryptocurrency center. The center will help banks review the risks associated with blockchain technology and ensure that the bank's risk management process is fully reviewed before implementing blockchain-based deposit and loan products, with particular attention to the security of tokenized deposits.

Hong Kong Monetary Authority Deputy Chief Executive Officer Ruan Guoheng said that this move will support the development of blockchain solutions and promote the development of innovative financial technologies. Since 2023, Hong Kong has launched a cryptocurrency platform licensing system and promoted the legislative process of stablecoin regulations, further consolidating its position as a cryptocurrency center.

These measures have made Hong Kong an important supporter of the cryptocurrency ecosystem while enhancing the credibility and effectiveness of the market.

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