Financial Secretary Paul Chan said Hong Kong is dedicated to becoming a crypto hub. Hong Kong invited crypto firms and startups to offer services, researching retail engagement. As regulators seek to regulate crypto enterprises, crypto exchanges can register with the current licencing regime.
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Hong Kong remains pro-crypto
Bloomberg reported on January 9 that Hong Kong’s Financial Secretary Paul Chan said the city will become a worldwide crypto powerhouse.
Several internet companies and startups are considering expanding to Hong Kong. Crypto exchanges are likewise interested in expanding to the region and developing the business.
Hong Kong has passed legislation to licence virtual asset service businesses. Crypto exchanges must now meet the same regulations as traditional financial organisations.
Joseph Chan, Under Secretary for Financial Services and the Treasury, said the city plans a crypto consultation. It explores retail crypto involvement.
Retail and institutional investors are interested.
Hong Kong aspires to become a crypto hub amid retail and institutional demand. Singapore’s tough crypto stance led crypto businesses to move to nations with less stringent rules.
Hong Kong is a financial centre, but the crypto sector evaluates China’s impact. China’s 2021 crypto mining and trading crackdown prompted a market crash. As China may control the financial hub, crypto participants should be cautious.
Source: Google Trend