DBS Bank Hong Kong CEO: Hong Kong's New Stablecoin Regulations Will Significantly Limit the Use of Stablecoins in On-Chain Derivatives Trading

Techub News: According to The Standard, Sebastian Paredes, CEO of DBS Hong Kong, warned that Hong Kong's new stablecoin anti-money laundering (AML) and know-your-customer (KYC) regulations will significantly restrict the use of stablecoins in on-chain derivatives trading. Paredes stated that banks will monitor related developments but will focus on building broader stablecoin capabilities in Hong Kong. Hong Kong launched a new stablecoin regulatory framework on August 1, immediately criminalizing the promotion of unauthorized stablecoins and establishing a public registry for authorized issuers.