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 grew to become a top quality standing level for digital asset corporates,” stated a prime authorities official.

Hong Kong Goals to Develop into 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 grew to become a top 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 challenge 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 in the trade.

Hong Kong is pushing to turn out to be a regional crypto hub regardless of the collapse of crypto change FTX and several other different crypto companies submitting for chapter. Final month, 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 providers.

After years of strict rules, 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 trade … We predict that this can be really a great time to actually think twice about whether or not we’ll proceed with this skilled investor-only requirement.”

In November final yr, Julia Leung, one other SFC govt, stated the regulator is “actively wanting” to arrange a regulatory framework that enables retail buyers to commerce exchange-traded funds (ETFs) with publicity to cryptocurrency futures. In December, town’s first crypto futures ETFs have been launched.

What do you consider Hong Kong turning into a regional crypto hub? Tell us in the feedback part under.

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