Hong Kong wants to become crypto hub despite industry crisis

The authorities of Hong Kong remains committed to the improvement of cryptocurrency infrastructure contempt the ongoing manufacture situation triggered by the FTX collapse.

According to Hong Kong’s fiscal caput Paul Chan, the section authorities and regulators are unfastened to collaboration with crypto and fintech startups successful 2023.

Speaking astatine an lawsuit hosted by the state-run incubator Cyberport, Chan declared that Hong Kong has go a instauration connecting precocious prime virtual plus firms, the nationalist broadcasting work Radio Television Hong Kong (RTHK) reported connected Jan. 9.

Financial Secretary Paul Chan Mo-po. Source: RTHK

The fiscal caput said that the Hong Kong authorities has received tons of requests to acceptable up planetary office successful Hong Kong from crypto-related firms implicit the past 2 months. A batch of manufacture firms person besides expressed willingness to grow operations successful Hong Kong oregon to spell nationalist connected section exchanges, Chan added.

According to the official, Hong Kong is doing its champion to supply an due magnitude of supervision to the crypto marketplace successful bid to merchandise the imaginable of technologies similar Web3.

He mentioned that Hong Kong lawmakers passed authorities to acceptable up a licensing system for virtual plus work providers successful December. The caller regulatory model is designed to supply the same grade of marketplace recognition to cryptocurrency exchanges arsenic the 1 that is presently applicable to accepted fiscal institutions.

At the event, Chen besides reportedly pointed retired that Hong Kong officials and regulators are conducting a fig of aviator projects to trial retired imaginable advantages of virtual assets and research related applications. One of the initiatives includes issuance of tokenized greenish bonds by the Hong Kong authorities for subscription by organization investors, helium noted.

Related: Hong Kong lawmaker wants to crook CBDC into stablecoin featuring DeFi

Hong Kong has been gradually reaffirming its pro-crypto stance implicit the past year, becoming the astir crypto-ready country successful 2022.

In mid-December, Hong Kong launched its archetypal 2 exchange-traded funds (ETF) for cryptocurrency futures, which raised implicit $70 million up of debut. The lawsuit came soon aft the caput of Hong Kong’s Securities and Futures Commission announced successful October that Hong Kong is consenting to distinguish its crypto regularisation attack from the Chinese crypto ban enforced successful 2021.