Hong Kong Reaffirms Commitment to Become Regional Crypto Hub

Hong Kong has reaffirmed its commitment to become a regional crypto hub following the collapse of cryptocurrency exchange FTX. “ As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates, ” said a top government functionary.

Hong Kong points to Come Regional Crypto Hub

Hong Kong Financial Secretary Paul Chan Mo- po reaffirmed the megacity’s crypto commitment at a web3 peak in Cyberport Monday.

Emphasizing that Hong Kong remains married to getting a regional crypto hub, the fiscal clerk described

As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates.

He added that Hong Kong has a robust nonsupervisory frame for crypto that “ matches transnational morals and norms. ”

Joseph Chan, the undersecretary for fiscal services and the Treasury for the government of Hong Kong, revealed at the same event that the megacity is preparing to issue further licenses for digital asset trading enterprises. Also, it’s planning a discussion on crypto platforms to explore the eventuality for retail participation in the assiduity.

Hong Kong is pushing to become an indigenous crypto mecca despite the collapse of crypto exchange FTX and several other crypto enterprises filing for ruin. Last month, the megacity’s Securities and Futures Commission( SFC) issued a statement advising about the pitfalls associated with crypto platforms offering deposits, savings, earnings, and staking services.

After times of strict regulations, Hong Kong is now pushing to make it easier for retail investors to trade crypto means. Elizabeth Wong, the SFC’s director of licensing and head of the fintech unit, said in October last time “ We ’ve had four times of experience in regulating this assiduity We suppose that this may be actually a good time to really suppose precisely about whether we will continue with this professional investor-only demand. ”

In November last time, Julia Leung, another SFC superintendent, said the controller is “ laboriously looking ” to set up a nonsupervisory frame that allows retail investors to trade exchange- traded finances( ETFs) with exposure to cryptocurrency futures. In December, the megacity’s first crypto futures ETFs were launched.