No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Hong Kong is taking action to regain its status as a global cryptocurrency hub by initiating several legal initiatives related to the cryptocurrency industry.
Hong Kong, a city and special administrative region of China, wants to differentiate its approach to cryptocurrency regulation from mainland China’s blanket crypto ban.
According to Elizabeth Wong, head of fintech at the Securities and Futures Commission (SFC), the Hong Kong government is considering introducing its own bill to regulate cryptocurrencies in its own way, independent of China. It is said that there is
One of the SFC’s initiatives is to allow retail investors to “Invest Directly in Crypto Assets”. report October 17th.
Such an initiative would mark a significant change from the SFC’s stance over the past four years, which restricted cryptocurrency trading on centralized exchanges to professional investors, Wong noted. Eligible investors include individuals with portfolios worth at least $1 million as of September 2021, or approximately 7% of the city’s population.
Highlighting that the crypto industry has become more compliant over the past four years, Wong suggested it was time to change the city’s stance on cryptocurrencies.
We believe now may actually be a good time to carefully consider whether to continue with this professional investor-only requirement.
Officials at the SFC also announced several other measures aimed at developing Hong Kong’s crypto ecosystem, including a policy introduced in January to allow service providers to sell certain crypto-related derivatives. He also mentioned legal initiatives. Regulators are also considering whether to allow retail investors to invest in crypto-related exchange-traded funds, Wong noted.
The latest news arrives in Hong Kong on October 19th During startup A $3.8 billion fund to bring foreign companies back to the city after a massive exodus of talent caused by a strict lockdown and tense political climate.
Related: Bank of China: Digital RMB Trading Volume Exceeds $14 Billion
According to an official statement by the Hong Kong Special Administrative Region government, the local government will: introduced A bill that proposes to establish a regulatory regime for virtual asset service providers. The city government also plans to adopt emerging technologies such as non-fungible tokens and the Metaverse to develop Hong Kong into an “international virtual asset center.”
According to some reports, Hong Kong has already been successful in terms of crypto adoption so far. A Forex Suggest study published in July 2022 found Hong Kong to be the most prepared for crypto adoption, taking into account many factors such as crypto ATM installations, crypto-friendly regulations, and start-up culture. was ranked as the country with the most
