Asia's weekly TOP10 crypto news: South Korea Calls for KRW Stablecoin Liquidity Safeguards and Hana Bank Issues $100M Blockchain Digital Bonds and Top10 News

1. HKMA’s Eddie Yue: CMU to Launch 24/7 On-chain Real-time Settlement by Year-End link

According to Zhitong Finance, on September 23, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), stated in his speech at the Treasury Markets Summit that Hong Kong boasts mature equity, foreign exchange and bond markets, while digital finance is growing rapidly. The Central Moneymarkets Unit (CMU) will launch new services by the end of this year to deliver on-chain 24-hour real-time settlement, supporting the digital Hong Kong dollar and central bank digital currencies (CBDCs). It will also explore the acceptance of tokenised deposits and regulated stablecoins for settlement on the platform.

2. PBC Reiterates Virtual Currency Rules, Bans Related Businesses and RMB-pegged Stablecoinslink

The People’s Bank of China reiterated in its financial education campaign on September 22 that virtual currencies such as Bitcoin, Ethereum and Tether are not legal tender and cannot circulate as currency. Conducting virtual currency-related businesses within China constitutes illegal financial activities and is strictly prohibited. Without approval from relevant authorities, domestic entities and overseas entities under their control shall not issue virtual currencies abroad. No domestic or overseas entity or individual may issue RMB-pegged stablecoins outside China. The central bank warns the public against participating in virtual currency issuance, trading, investment and mining activities, to beware of high-return investment scams, and refrain from leasing bank cards or payment accounts or engaging in virtual currency-related activities.