Crypto companies should expect tight regulations in Hong Kong, regulator says.
Authorities are preparing new licensing rules for service providers working with cryptocurrencies and guidelines for banks interacting with crypto firms.Hong Kong’s central banking institution has made it clear that crypto companies enticed by the city’s attempt to establish itself as a hotspot for digital-asset business will not operate under very lax regulations.
Our regulation will be tight. We will let them create the ecosystem here and that actually brings a lot of excitement. But that doesn’t mean light-touch regulation. On June 1, Hong Kong will launch a new licensing regime for virtual-asset service providers, Bloomberg noted in a report quoting Yue’s statements. The plan is also to allow retail investors to acquire and trade major cryptocurrencies like bitcoin and ether.
The crypto-friendly move is part of efforts by authorities in China’s special administrative region to restore Hong Kong’s credentials as a leading financial center in the aftermath of restrictions imposed in response to the Covid pandemic and political unrest in the territory. While there has been no change in China’s official policy regarding crypto-related activities, which remain heavily restricted in the mainland, there have been indications that Hong Kong’s push to become a major hub for digital assets has the backing of Beijing.
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