(Bloomberg) -- Hong Kong’s de facto central bank plans to have a new regulatory regime for crypto assets ready by July, as the city vies with Singapore to become a key hub for the burgeoning sector while at the same time containing risks. 

The Hong Kong Monetary Authority is currently approaching the crypto industry from three dimensions: stablecoins that can be used for payments, investor protection and how authorized institutions deal with with digital assets, according to a statement on its website. 

Hong Kong regulators, like their counterparts around the world, are shifting toward increased oversight of an industry marked by extreme volatility and frequent scams. Customers of a Hong Kong cryptocurrency exchange have been unable to withdraw money or tokens since late November, Bloomberg News reported last week. 

Hong Kong Crypto Exchange Roiled by Frozen Funds 

The HKMA plans to adopt a so-called “same risk, same regulation” approach to crypto, Chief Executive Eddie Yue said in the statement. 

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