Hong Kong has reaffirmed its dedication to turn into a regional crypto hub in following the collapse of cryptocurrency trade FTX. “As sure crypto exchanges collapsed one after one other, Hong Kong grew to become a top quality standing level for digital asset corporates,” stated a high authorities official.
Hong Kong Goals to Develop into Regional Crypto Hub
Hong Kong Monetary Secretary Paul Chan Mo-po reaffirmed the town’s crypto dedication at a web3 summit in Cyberport Monday.
Emphasizing that Hong Kong stays dedicated to changing into a regional crypto hub, the monetary secretary described:
As sure crypto exchanges collapsed one after one other, Hong Kong grew to become a top quality standing level for digital asset corporates.
He added that Hong Kong has a sturdy regulatory framework for crypto that “matches worldwide norms and requirements.”
Joseph Chan, the undersecretary for monetary companies and the Treasury for the federal government of Hong Kong, revealed on the similar occasion that the town is getting ready to difficulty extra licenses for digital asset buying and selling corporations. Furthermore, it’s planning a session on crypto platforms to discover the potential for retail participation within the business.
Hong Kong is pushing to turn into a regional crypto hub regardless of the collapse of crypto trade FTX and several other different crypto corporations submitting for chapter. Final month, the town’s Securities and Futures Fee (SFC) issued an announcement warning concerning the dangers related to crypto platforms providing deposits, financial savings, earnings, and staking companies.
After years of strict laws, Hong Kong is now pushing to make it simpler for retail buyers to commerce crypto belongings. Elizabeth Wong, the SFC’s director of licensing and head of the fintech unit, stated in October final yr: “We’ve had 4 years of expertise in regulating this business … We expect that this can be truly a very good time to essentially think twice about whether or not we’ll proceed with this skilled investor-only requirement.”
In November final yr, Julia Leung, one other SFC government, stated the regulator is “actively trying” to arrange a regulatory framework that permits retail buyers to commerce exchange-traded funds (ETFs) with publicity to cryptocurrency futures. In December, the town’s first crypto futures ETFs have been launched.
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