Hong Kong Treasury Bureau announces three key points for stablecoin regulation
Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, announced that anyone engaging in regulated stablecoin activities must obtain a license, including: conducting business of issuing fiat-backed stablecoins in Hong Kong, issuing Hong Kong dollar stablecoins, or actively promoting the issuance of their fiat-backed stablecoins to the Hong Kong public. The regulatory framework focuses on the following three aspects: (1) In terms of reserves, licensees must maintain a robust stabilization mechanism, ensuring that the reserve assets of the stablecoin are composed of high-quality and highly liquid assets, with a total value at all times at least equal to the face value of the fiat-backed stablecoins in circulation, and properly segregated and safeguarded; (2) To ensure proper protection for stablecoin holders, holders should have the right to redeem stablecoins from the issuer at face value, with redemption requests processed without unreasonable fees and within a reasonable timeframe; and (3) A series of requirements related to anti-money laundering, risk management, disclosure and auditing, and fit and proper criteria.
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Latest Updates, October 9th - ** Definium Therapeutics (DFTX.O) shares rose 7.4% to $36.7 ** If the rally holds, the stock is set for its biggest single-day gain since June ** JPMorgan initiated coverage of the stock with an "Overweight" rating and a target price of $84 ** The bank stated that Definium’s lead candidate drug, DT120 ODT, has the potential to transform the treatment landscape for neuropsychiatric disorders ** Based on current data, the institution considers DT120 ODT (an LSD oral formulation for the treatment of major depressive disorder and generalized anxiety disorder) to be a "de-risked asset" ** The new target price implies a 145.7% upside from the latest closing price ** "While changes in the macro environment may present potential investment risks to the sector, we believe the positives for Definium outweigh the negatives," the bank stated ** A period of "frequent landmark events" is expected ahead, including plans to submit a new drug application to the FDA in the first half of 2027 ** The bank projects that total sales of DT120 orally disintegrating tablets (ODT) will approach $5 billion by 2035 ** Including intraday volatility, the stock has more than doubled in value year-to-date (For the convenience of non-English speakers, Reuters has automated this report’s translation into several other languages. Due to possible errors in automated translation or lack of full context, Reuters does not guarantee the accuracy of the automated translation and provides it solely as a convenience to readers. Reuters accepts no liability for any damage or loss arising from the use of automated translation.)
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