CandleFocus Hong Kong to issue more VASP permits as South Korea tightens rules
2024-10-16
Author: Content Editor
Hong Kong is set to issue licenses for nearly a dozen virtual asset service providers (VASPs) by the end of the year as it balances investor protection and innovation. This comes after a local exchange scam forced regulators to become more stringent. Meanwhile, South Korea is reviewing its stablecoin laws to tighten regulations on cross-border funds transfers, with a focus on stablecoins pegged to the country's won. The country's Ministry of Economy and Finance is reviewing proposals to extend foreign exchange regulations to transactions involving fiat-pegged stablecoins.
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