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 keeping 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 turn into a basis connecting top quality digital asset companies, the general public broadcasting service Radio Tv Hong Kong (RTHK) reported on Jan. 9.
The monetary secretary mentioned that the Hong Kong authorities has obtained numerous requests to arrange international headquarters in Hong Kong from crypto-related companies over the previous two months. A whole lot of trade companies have additionally expressed willingness to broaden operations in Hong Kong or to go public on native exchanges, Chan added.
In keeping with the official, Hong Kong is doing its greatest to supply an acceptable quantity of supervision to the crypto market with a purpose 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 supply 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 tasks to check out potential benefits of digital property and discover associated functions. One of many initiatives consists of issuance of tokenized inexperienced bonds by the Hong Kong authorities for subscription by institutional buyers, he famous.
Associated: Hong Kong lawmaker desires to show CBDC into stablecoin that includes DeFi
Hong Kong has been progressively reaffirming its pro-crypto stance over the previous yr, turning into essentially 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 tell apart its crypto regulation method from the Chinese language crypto ban enforced in 2021.
