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The government will enact the new legislation to bring issuers of fiat-referencing stablecoins into the regulatory perimeter.

By Simon Hawkins, Adrian Fong, and Sam Maxson

On 17 July 2024, the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority (HKMA) released the consultation conclusions on their legislative proposal for a regulatory regime governing stablecoin issuers in Hong Kong (Consultation Conclusions). The next day, the HKMA followed with its own press release announcing the first batch…

A new program addresses innovative banking activities such as bank-fintech partnerships and digital assets while reinforcing guardrails around stablecoin activity.

By Arthur S. Long, Parag Patel, Pia Naib, Ja Hyeon Park, and Deric Behar

On August 8, 2023, the Board of Governors of the Federal Reserve System (FRB) issued guidance to the banking organizations that it oversees regarding its supervision of novel activities. The guidance also provides information on the process that state banks can follow to engage in certain stablecoin activities.

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By authorizing the issuance of a stable token, “Blockchain Valley” leads the way in state digital asset adoption and integration.

By Jenny Cieplak, Arthur S. Long, Yvette Valdez, Stephen P. Wink, Adam Zuckerman, and Deric Behar

For the last few years, Wyoming has been a leader among US states at the intersection of digital asset innovation, adoption, and regulation. In July 2021, Wyoming became the first state in the nation to allow decentralized autonomous organizations…

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Digital asset activities of licensed institutions must be approved and will be assessed for potential safety and soundness risks.

By Arthur S. Long, Pia Naib, and Deric Behar

On December 15, 2022, the New York State Department of Financial Services (NYDFS) issued final guidance to covered institutions engaging in (or seeking to engage in) virtual currency-related activity (the Guidance). Such covered institutions are New York “banking organizations” — New York-chartered banks, trust companies, private bankers, savings banks, safe…