Hong Kong wants to become crypto hub despite industry crisis

The federal government of Hong Kong stays dedicated to the event of cryptocurrency infrastructure regardless of the continued trade disaster triggered by the FTX collapse.

In accordance with Hong Kong’s monetary secretary Paul Chan, the native authorities and regulators are open to collaboration with crypto and fintech startups in 2023.

Talking at an occasion hosted by the state-run incubator Cyberport, Chan declared that Hong Kong has grow to be a basis connecting top quality digital asset companies, the general public broadcasting service Radio Tv Hong Kong (RTHK) reported on Jan. 9.

Monetary Secretary Paul Chan Mo-po. Supply: RTHK

The monetary secretary stated that the Hong Kong authorities has acquired numerous requests to arrange international headquarters in Hong Kong from crypto-related companies over the previous two months. Loads of trade companies have additionally expressed willingness to develop operations in Hong Kong or to go public on native exchanges, Chan added.

In accordance with the official, Hong Kong is doing its greatest to offer an acceptable quantity of supervision to the crypto market with a view to launch the potential of applied sciences like Web3.

He talked about that Hong Kong lawmakers handed laws to arrange a licensing system for digital asset service suppliers in December. The brand new regulatory framework is designed to offer the identical diploma of market recognition to cryptocurrency exchanges because the one that’s presently relevant to conventional monetary establishments.

On the occasion, Chen additionally reportedly identified that Hong Kong officers and regulators are conducting a lot of pilot initiatives to check out potential benefits of digital belongings and discover associated functions. One of many initiatives consists of issuance of tokenized inexperienced bonds by the Hong Kong authorities for subscription by institutional traders, he famous.

Associated: Hong Kong lawmaker needs to show CBDC into stablecoin that includes DeFi

Hong Kong has been regularly reaffirming its pro-crypto stance over the previous yr, changing into probably the most crypto-ready nation in 2022.

In mid-December, Hong Kong launched its first two exchange-traded funds (ETF) for cryptocurrency futures, which raised over $70 million forward of debut. The occasion got here quickly after the pinnacle of Hong Kong’s Securities and Futures Fee introduced in October that Hong Kong is keen to differentiate its crypto regulation method from the Chinese language crypto ban enforced in 2021.

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