1 year ago
Hong Kong has reaffirmed its committedness to go a determination crypto hub successful pursuing the illness of cryptocurrency speech FTX. “As definite crypto exchanges collapsed 1 aft another, Hong Kong became a prime lasting constituent for integer plus corporates,” said a apical authorities official.
Hong Kong Aims to Become Regional Crypto Hub
Hong Kong Financial Secretary Paul Chan Mo-po reaffirmed the city’s crypto committedness astatine a web3 acme successful Cyberport Monday.
Emphasizing that Hong Kong remains committed to becoming a determination crypto hub, the fiscal caput described:
As definite crypto exchanges collapsed 1 aft another, Hong Kong became a prime lasting constituent for integer plus corporates.
He added that Hong Kong has a robust regulatory model for crypto that “matches planetary norms and standards.”
Joseph Chan, the undersecretary for fiscal services and the Treasury for the authorities of Hong Kong, revealed astatine the aforesaid lawsuit that the metropolis is preparing to contented much licenses for integer plus trading firms. Moreover, it is readying a consultation connected crypto platforms to research the imaginable for retail information successful the industry.
Hong Kong is pushing to go a determination crypto hub contempt the illness of crypto speech FTX and respective different crypto firms filing for bankruptcy. Last month, the city’s Securities and Futures Commission (SFC) issued a statement informing astir the risks associated with crypto platforms offering deposits, savings, earnings, and staking services.
After years of strict regulations, Hong Kong is present pushing to marque it easier for retail investors to commercialized crypto assets. Elizabeth Wong, the SFC’s manager of licensing and caput of the fintech unit, said successful October past year: “We’ve had 4 years of acquisition successful regulating this manufacture … We deliberation that this whitethorn beryllium really a bully clip to truly deliberation cautiously astir whether we volition proceed with this nonrecreational investor-only requirement.”
In November past year, Julia Leung, different SFC executive, said the regulator is “actively looking” to acceptable up a regulatory model that allows retail investors to commercialized exchange-traded funds (ETFs) with vulnerability to cryptocurrency futures. In December, the city’s archetypal crypto futures ETFs were launched.
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What bash you deliberation astir Hong Kong becoming a determination crypto hub? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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