A Digital Asset Ordinance is a specific local or municipal law enacted to regulate aspects of digital assets within a defined jurisdiction. These ordinances address issues such as business licensing, consumer protection, or the use of blockchain technology for local services. They provide granular legal guidelines often supplementing broader national or regional regulations.
Context
Digital Asset Ordinances are becoming more prevalent as local governments seek to manage the growth of the digital asset industry within their boundaries. A critical discussion involves the potential for these local rules to conflict with or complicate wider national regulatory efforts. Future developments will likely see increased efforts to harmonize local ordinances with broader legislative frameworks to ensure consistency and avoid regulatory inconsistencies.
The HKMA's new Ordinance mandates licensed issuers maintain full reserves and segregated client assets, fundamentally de-risking the APAC stablecoin market.
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