Hong Kong has reaffirmed its dedication to turn out to be a regional crypto hub in following the collapse of cryptocurrency change FTX. “As sure crypto exchanges collapsed one after one other, Hong Kong turned a high quality standing level for digital asset corporates,” mentioned a high authorities official.
Hong Kong Goals to Grow to be 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 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 companies and the Treasury for the federal government of Hong Kong, revealed on the similar occasion that the town is getting ready to challenge 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 trade.
Hong Kong is pushing to turn out to be a regional crypto hub regardless of the collapse of crypto change FTX and a number of other different crypto corporations submitting for chapter. Final month, the town’s Securities and Futures Fee (SFC) issued a press release 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, mentioned in October final 12 months: “We’ve had 4 years of expertise in regulating this trade … We expect that this can be truly a very good time to essentially consider carefully about whether or not we’ll proceed with this skilled investor-only requirement.”
In November final 12 months, Julia Leung, one other SFC govt, mentioned the regulator is “actively trying” to arrange a regulatory framework that enables 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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