Hong Kong is moving ahead to take steps to take back its position as a worldwide center of crypto assets by introducing many legal endeavors dealing with the crypto market. Hong Kong, known as a city as well as a special administrative zone under China, is planning to have a distinguished approach toward crypto regulation rather than placing an outright prohibition over crypto as witnessed across mainland China.
Hong Kong Contemplates Legalizing Crypto Trading
The Hong Kong-based authorities are contemplating releasing a bill covering the crypto regulation differently from the way China does, as per Elizabeth Wong (the Securities and Futures Commission’s fintech unit’s head). One of the initiatives that have been taken by the SFC is permitting retail investors to straightly invest in digital assets, as mentioned by Wong while appearing in a panel conducted on the behalf of InvestHK.
This type of endeavor would provide a significant transformation from the stance of the SFC during the previous 4 years, which does not permit the trading of crypto assets through centralized exchanges, as noted by Wong. Eligible investors take into account the individuals possessing portfolios comprising a minimum amount of approximately $1M, or seven percent population of the city, as of the previous year’s September.
Also read:Wong stressed that the crypto market has turned more compliant during the former 4 years, denoting that now is the time to revolutionize the stance of the city regarding crypto. The executive was of the view that the present time may prove to be a suitable moment to have a careful understanding of the ecosystem of cryptocurrency within the jurisdiction.
This takes into account a policy released in January this year to permit the service-providing platforms to trade specific derivatives related to crypto assets. The regulatory agency has additionally been reviewing if retail investors should be permitted to make crypto investments in the products like exchange-traded funds.
$3.8 Billion Specified by Hong Kong to Pull Back Foreign Businesses
The respective news is witnessed at a point when Hong Kong is introducing a fund of up to $3.8B worth to allure the foreign business entities back following a huge talent exodus that was caused because of the stringent lockdowns as well as the haphazard political scenario. The government of the city is also making a strategy to adopt emerging technologies such as non-fungible tokens (NFTs) as well as the Metaverse to turn it into a hub for overseas digital assets.
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