"Hong Kong considering allowing insurers to invest in virtual assets…possible inflow of institutional funds"
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- Hong Kong is reviewing allowing insurers to invest in virtual assets, mentioning the possibility of an inflow of institutional funds from the Asian region.
- It stated that 158 licensed insurers can directly invest in virtual assets, but a conservative structure will be introduced, including setting aside reserves equal to the investment amount and applying a 100% risk charge.
- The proposal will apply differentiated risk treatment to stablecoins, and it said it will enter the legislative process after soliciting opinions.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Hong Kong is reviewing a plan to allow insurers to invest in virtual assets (cryptocurrencies), raising the possibility of institutional funds from the Asian region flowing into the virtual asset market.
On the 22nd (local time), according to virtual-asset specialist media CoinDesk, the Hong Kong Insurance Authority (IA) is preparing a new regulatory proposal to allow insurers to invest in digital assets including virtual assets. The measure was disclosed through internal IA documents that Bloomberg confirmed on the 4th.
Under the proposal, 158 licensed insurers in Hong Kong would be able to invest in virtual assets, but for virtual assets they directly hold they must set aside reserves equal to the investment amount. It is a conservative structure that applies a 100% risk charge to reflect virtual asset volatility.
However, in the case of stablecoins, they will be applied differently according to the risk of the linked fiat currency. The Hong Kong Monetary Authority is expected to issue the first stablecoin license in early next year.
The Hong Kong Insurance Authority is reported to plan to begin the legislative process after soliciting feedback on the proposal.
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