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Hong Kong reiterates its commitment to develop into a regional crypto hub

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Hong Kong reiterates its commitment to develop into a regional crypto hub



At a web3 event on Monday in Cyberport, Hong Kong Financial Secretary Paul Chan Mo-po reiterated the city's support to cryptocurrencies. 

The financial secretary stressed that Hong Kong is still dedicated to developing into a regional crypto hub and gave the following examples: 

As many cryptocurrency exchanges started to fail one after another, Hong Kong emerged as a desirable location for corporates dealing in digital assets.

The strong regulatory environment for cryptocurrencies in Hong Kong, he continued, "matches worldwide norms and standards." 

At the same event, Hong Kong's undersecretary for financial services and the Treasury, Joseph Chan, disclosed that the administration is getting ready to grant more licenses to companies that deal in digital assets. Additionally, it is organizing a consultation on cryptocurrency platforms to examine the possibility of retail involvement in the sector.

Despite the failure of the crypto exchange FTX and the bankruptcy filing of numerous other crypto businesses, Hong Kong is working to establish itself as a regional hub for the industry. The city's Securities and Futures Commission (SFC) released a statement last month highlighting the dangers posed by cryptocurrency platforms that provide services for deposits, savings, earnings, and staking.

Hong Kong is attempting to ease the trading of crypto assets by retail investors after years of stringent controls. We've had four years of experience in regulating this industry, according to Elizabeth Wong, director of licensing and head of the fintech unit at the SFC, who made this statement in October of last year. We believe that now might be a good moment to seriously consider whether we should keep this professional investor-only condition in place. 

The SFC is "actively investigating" to establish a regulatory framework that permits retail investors to trade exchange-traded funds (ETFs) with exposure to cryptocurrency futures, according to Julia Leung, another SFC officer, who made the statement in November 2017. The first cryptocurrency futures ETFs in the city were introduced in December.

Article Credit: Bitcoin.com

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