TechFlow, September 11 — According to Caixin, on September 8, 2025, the Hong Kong Monetary Authority (HKMA) issued a consultation paper for a new module CRP-1 "Classification of Crypto-assets" under the《Banking Supervision Policy Manual》(SPM) to local banking institutions. The draft aims to provide clearer regulatory guidance on the upcoming Basel Committee on Banking Supervision's crypto-asset regulatory standards, which are scheduled to be implemented in early 2026.
The new rules classify crypto-assets into two main groups, each further subdivided into two subgroups (Group 1a, 1b, 2a, 2b). According to the revised Hong Kong《Banking (Capital) Rules》, Group 1a includes tokenized traditional assets, while Group 1b covers stablecoins with effective stabilization mechanisms. Group 2 includes all non-reserve-backed crypto-assets such as Bitcoin and Ethereum, as well as any tokenized traditional assets or stablecoins that fail to meet classification criteria. Through a set of hedging recognition criteria, Group 2 is further divided into Group 2a (limited recognition of hedging) and Group 2b (no recognition of hedging).
According to the regulatory text, based on requirements from the Basel Committee and HKMA regarding "permissionless blockchains," any crypto-asset issued on a public blockchain does not qualify for Group 1. If classified under Group 2b, such crypto-assets will face a risk weight of 1250% on their exposure—equivalent to the reciprocal of the 8% minimum total capital adequacy ratio required under the Basel capital standards implemented in Hong Kong.
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