HONG KONG IS MAKING A BLOCKCHAIN ​​MOVE FOR BANKS

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The Hong Kong Monetary Authority (HKMA) has established a new regulatory incubator to support banks in safely adopting Blockchain technology. The move is seen as an important step towards strengthening Hong Kong’s ambition to become a global hub for cryptocurrencies.

The incubator will enable banks to conduct a comprehensive risk assessment before implementing Blockchain-based services. These services include deposit and loan products that combine traditional banking infrastructures with Blockchain technology. The aim is to minimize potential risks in the financial system by focusing particularly on tokenized deposits.