🇭🇰 HONG KONG INSURANCE REGULATION CONSIDERING CAPITAL REQUIREMENTS FOR CRYPTO
🔸 The Hong Kong Insurance Regulator is proposing new capital regulations related to crypto assets.
🔸 Insurance companies investing in crypto would be subject to a 100% risk rating, meaning they must have sufficient capital to cover the entire investment.
🔸 Stablecoins could be subject to a lower risk rating if regulated in Hong Kong and backed by fiat currency assets.
🔸 This proposal is still in draft form and will be open for public comment from February to April.
🔸 The regulator stated that the goal is to update insurance regulations to reflect new developments in the regulation of crypto and stablecoins.
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