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