On February 29, 2024, WikiBit Operation Manager Arvin participated as a representative in the inaugural meeting of the Blockchain Association of Singapore (#BAS) and CBDC Subcommittee. The meeting focused on the legislative proposal to implement the regulatory regime for stablecoin issuers in Hong Kong.
The meeting was chaired by Rahul Advani from RIPPLE, and attendees included representatives from various prominent institutions, including:
Aaron Siu (UQPAY)
Anand Vinukonda (Partior)
Arvin (WikiBit)
Aymeric Salley (KPMG)
Christian Trumm (CT Advisory)
Eric Barbier (Triple A)
Eva Thach (IDEMIA)
Ian Lee (Merkle Science)
Iegreat Julianri (Infineon Technologies)
Mogan Shieh (Anchorage)
Nimesh Bharadia (Rose Consultancy)
Rahul Advani (Ripple)
Roopa Sushil (Anchorage)
Tom Toryanik (EY)
Wang Hao (SGTOX)
Yam Ki Chan (Circle)
Zack Yang (FOMO Pay)
Meeting Agenda
During the meeting, the subcommittee discussed the legislative proposal to implement the regulatory regime for stablecoin issuers in Hong Kong, jointly published by the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA). The group exchanged views on the proposed approach and found it valuable to review the Treasurys proposed approach to regulating stablecoins in Australia.
Furthermore, members discussed thought leadership opportunities for the first half of 2024. One suggestion put forward by members is the potential creation of a whitepaper/report on industry best practices for stablecoins. Members agreed that if such a whitepaper/report is published, it would benefit from input from other trade associations, namely the Singapore Fintech Association (SFA) and the Association of Crypto Currency Enterprises and Start-ups Singapore (ACCESS).
Decisions and Action
Following deliberations and discussions, the subcommittee decided to explore the development of a joint industry whitepaper/report on industry best practices for stablecoins. Chair Rahul Advani will coordinate with the BAS Secretariat to engage with the relevant committees of SFA and ACCESS to propose a joint industry whitepaper/report on industry best practices for stablecoins. Additionally, the chair will organize a presentation on the Treasury's proposed approach to regulating stablecoins in Australia for the next meeting.
