Cryptocurrency Regulation Tracker (Atlantic Council)
The Atlantic Council has added 15 new countries and regulatory developments to their Cryptocurrency Regulation Tracker. Its interactive tracker now analyzes 75 economies, including G20 member states, European Union (EU) countries, and economies with the highest rates of cryptocurrency adoption. Of them, it finds that cryptocurrency is legal in 45, partially banned in 20 and generally banned in 10. In twelve G20 countries, representing over 57% of the world’s GDP, cryptocurrencies are fully legal. Regulation is under consideration in all G20 countries. However, only 28 of the 75 countries have regulations in place on taxation, anti-money laundering and combating the financing of terrorism (AML/CFT), consumer protection, and licensing. Just six of the emerging market countries studied have all the above regulations. [Read more at the Atlantic Council]
Hong Kong passes stablecoin bill, one step closer to issuance (Reuters)
Hong Kong’s legislature passed the Stablecoin Bill that establishes a licensing regime for fiat-referenced stablecoin issuers in Hong Kong, providing regulatory clarity for upcoming stablecoin issuers. Under the new regime, any person who issues stablecoins in Hong Kong – or issues stablecoins backed by Hong Kong dollars, whether within or outside the city – must obtain a license from the Hong Kong Monetary Authority (HKMA). The relevant parties must satisfy the requirements in areas such as reserve asset management and redemption, including proper segregation of client assets, maintaining a robust stabilization mechanism, and processing stablecoin holders’ requests for redemption at par value with reasonable conditions. They must also comply with requirements in relation to anti-money laundering and counter-terrorist financing, risk management, disclosure and auditing, and fitness and propriety. The ordinance is expected to come into effect by the end of 2025. [Read more at news.gov.hk]
Asset Tokenization in Financial Markets: The Next Generation of Value Exchange (WEF)
The World Economic Forum (WEF) published a report that assesses current asset tokenization use cases in issuance, securities financing and asset management, highlighting conditions and regional factors that determine successful
implementation. It highlights that tokenization, through programmable ledgers, enhances transparency, accessibility, and efficiency, democratizing financial market access. It details five key differentiators: shared systems of record, flexible custodial arrangements, programmability, asset fractionalization, and composability. Despite its benefits, the report identifies barriers to adoption, including legacy infrastructure, a lack of global standards, limited cross-chain interoperability, insufficient secondary market liquidity, and privacy/compliance concerns. [Read more at the WEF]
Upcoming Speaking Engagements:
The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]
And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.
