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Thursday, June 1, 2023

Hong Kong Reaffirms Commitment to Become Regional Crypto Hub

Hong Kong Reaffirms Commitment to Become Regional Crypto Hub – Monday during a web3 summit at Cyberport, Hong Kong Financial Secretary Paul Chan Mo-po underlined the city’s crypto commitment. Emphasizing that Hong Kong remains committed to becoming a regional crypto hub, the financial secretary described: “As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates.”

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He said that Hong Kong’s regulatory framework for cryptocurrencies “matches international norms and standards.”  Hong Kong’s undersecretary for financial services and the Treasury, Joseph Chan, stated at the same occasion that the city is planning to award more licenses to digital asset trading companies. In addition, it intends to conduct a consultation on crypto platforms in order to investigate the possibility for retail engagement in the business.

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Hong Kong strives to become a regional crypto hub despite the collapse of crypto exchange FTX and the bankruptcies of several other crypto firms. The Securities and Futures Commission (SFC) of the city issued a warning last month regarding the risks linked with crypto platforms that offer deposit, savings, profits, and staking services.

Hong Kong is now attempting to make it easier for individual investors to trade crypto assets, after years of stringent regulations. In October of last year, Elizabeth Wong, director of licensing and head of the SFC’s fintech unit, stated: “We’ve had four years of experience in regulating this industry. We think that this may be actually a good time to really think carefully about whether we will continue with this professional investor-only requirement.”

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Julia Leung, another SFC executive, stated in November last year that the regulator is “actually looking” to establish a regulatory framework permitting retail investors to trade exchange-traded funds (ETFs) with exposure to cryptocurrency futures. In December, the city’s first crypto futures ETFs were launched.


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