Latest news with #HongKongMonetaryAuthority
Bloomberg
18 hours ago
- Business
- Bloomberg
HKMA to Cut Costs, Freeze Hiring as City Battles Deficit, Report Says
Hong Kong's de-facto central bank is planning to cut costs next year, according to a local news report, as the city takes steps to reduce its fiscal deficit. The Hong Kong Monetary Authority plans to cut 5% of its general operating costs in 2026 on the basis of this year's budget, and will also make no new extra headcount, Hong Kong Economic Journal reported, citing unidentified sources.
South China Morning Post
4 days ago
- Business
- South China Morning Post
Hong Kong's OSL Group raises US$300 million amid stablecoin anticipation
Hong Kong-based OSL Group, the city's first listed and licensed virtual-asset trading platform, said on Friday that it raised HK$2.36 billion (US$300 million) through the sale of existing shares, top-up subscriptions and new shares, amid heightened market anticipation around stablecoins It was the largest publicly disclosed equity raise in Asia's digital-asset sector to date, the company said on Friday. Hong Kong is set to allow stablecoin issuance under new regulations that take effect on August 1. Excitement over the change prompted Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, to issue a warning on Wednesday, cautioning against 'excessive market and public opinion speculation'. OSL's major shareholder Crown Research Investments sold 101.19 million existing shares at HK$14.90 per share, a 15.34 per cent discount to the closing price on Thursday, according to a filing with the Hong Kong stock exchange. The same number of shares will be reissued to the seller at the same price through a top-up subscription. The shares represent 16.14 per cent of OSL's existing issued share capital and 13.9 per cent of the issued share capital as enlarged by the allotment and issue of the top-up shares. The company's Hong Kong-traded stock dropped 6.6 per cent to HK$16.44 in the morning trading session on Friday. OSL also issued 9.34 million new shares to two independent investors, WK Triangulum Investment and Brand Wisdom, which have agreed to subscribe to 2.63 million shares and 6.71 million shares, respectively.
South China Morning Post
4 days ago
- Business
- South China Morning Post
Hong Kong's OSL Group raises US$300 million amid stablecoin anticipation
Hong Kong-based OSL Group, the city's first listed and licensed virtual-asset trading platform, said on Friday that it raised HK$2.36 billion (US$300 million) through the sale of existing shares, top-up subscriptions and new shares, amid heightened market anticipation around stablecoins It was the largest publicly disclosed equity raise in Asia's digital-asset sector to date, the company said on Friday. Hong Kong is set to allow stablecoin issuance under new regulations that take effect on August 1. Excitement over the change prompted Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, to issue a warning on Wednesday, cautioning against 'excessive market and public opinion speculation'. OSL's major shareholder Crown Research Investments sold 101.19 million existing shares at HK$14.90 per share, a 15.34 per cent discount to the closing price on Thursday, according to a filing with the Hong Kong stock exchange. The same number of shares will be reissued to the seller at the same price through a top-up subscription. The shares represent 16.14 per cent of OSL's existing issued share capital and 13.9 per cent of the issued share capital as enlarged by the allotment and issue of the top-up shares. The company's Hong Kong-traded stock dropped 6.6 per cent to HK$16.44 in the morning trading session on Friday. OSL also issued 9.34 million new shares to two independent investors, WK Triangulum Investment and Brand Wisdom, which have agreed to subscribe to 2.63 million shares and 6.71 million shares, respectively.
Yahoo
4 days ago
- Business
- Yahoo
The Market Has Become 'Overly Excited' for Stablecoins, Hong Kong Financial Regulator Says
Companies looking to issue stablecoins should rein in their enthusiasm, especially when their main business is unrelated to digital assets, Hong Kong Monetary Authority (HKMA) CEO Eddie Yue, wrote in a blog post on the central bank's website. Some companies that don't have a business that is related to stablecoins — tokens whose value is pegged to other assets such as fiat currencies — or digital assets have announced their intention to develop a stablecoin business. As a result, "stock prices have risen, stock trading volume has increased, and the company's reputation has also been greatly improved," Yue said in the Wednesday post. "With the recent hot speculation of the stablecoin concept, the market has become overly excited," he wrote. The financial regulator's cooling note come as it is set to start licensing stablecoin issuers from Aug. 1 after passing a stablecoin bill in May. While 40 firms are set to apply for the regime, the HKMA is likely to approve fewer than 10. "In fact, we have made it clear earlier that at most only a few stablecoin licenses will be approved in the initial stage," Yue said. "In other words, there are many disappointed people." After the passage of the stablecoin bill, the regulator sought opinions on implementing its regulation and money laundering guidelines, something which it plans on publishing by the end of July, he added. The market capitalization of stablecoins climbed to more than $269 billion, according to CoinGecko data, following the signing into law of the U.S.' GENIUS stablecoin bill last week. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
5 days ago
- Business
- The Star
Hong Kong to implement stablecoin ordinance in sustainable manner: HKMA chief
HONG KONG, July 23 (Xinhua) -- Chief Executive of the Hong Kong Monetary Authority (HKMA) Eddie Yue said in a statement on Wednesday that it is important to implement the Stablecoins Ordinance in a robust and sustainable manner. Hong Kong's Stablecoins Ordinance will come into effect on Aug. 1. Yue said that given the merits of stablecoins as an emerging payment instrument and their gradual integration into the mainstream financial system as regulation takes shape, it is necessary to guard against undue speculation caused by market and public opinions. Judging the market and public excitement over the past month, it seems necessary to further rein in the euphoria, he said. In regard to guarding against financial risks, as an international financial center, Hong Kong is widely recognized for its prudent regulatory standards. In light of shared international regulatory concerns, more stringent requirements will be imposed in respect of anti-money laundering to minimize the risks of stablecoins being used as a money laundering tool. This is to ensure the orderly and healthy development of Hong Kong's stablecoin market, Yue said. Yue said that regulation is an art of balancing divergent objectives. More stringent regulatory requirements will inevitably limit the room for stablecoin businesses to scale rapidly in the short term. However, it is better for regulated stablecoin business, which is still in its infancy, to start with stricter regulations to ensure sound operation, he added. Yue pointed out that the HKMA also recognizes the importance of ensuring that the regulatory requirements are necessary and reasonable to create room for issuing entities to stand on their feet and thrive.
