Daily edition
Material developments in payments, digital finance and regulation, selected for an HKMA audience.
5 stories
The warning underscores that stablecoins may be useful for cross-border payments, but legal and supervisory gaps could amplify runs or disorderly redemptions if a major issuer comes under stress.
This shows a central bank moving from tokenisation research to live market-infrastructure testing, which could shape how high-quality digital collateral and wholesale settlement evolve.
If Dutch law is not updated, tokenized securities activity may migrate to jurisdictions with clearer legal recognition, weakening the Netherlands’ competitiveness in digital capital markets.
This would keep more day-to-day crypto supervision with national authorities, while still giving ESMA a direct role over the largest or otherwise significant cross-border firms.
The partnership could help NBB offer broader and potentially simpler cross-border payouts without building separate connections to each overseas wallet, bank, or local payment scheme.