IN DEPTH: Hong Kong says it welcomes virtual asset companies – but a lot of details will need to be ironed out before companies return to the former hub. lavender_au reports
Across the border, China banned firms offering crypto services. Hong Kong’s politicians insisted that the city was still governed under the “one country two systems principle” — meaning that the city is part of China but can organize its own affairs. Butthat Hong Kong could keep its autonomy when it came to deciding how to regulate crypto. They left in droves for Singapore and other jurisdictions.
Padraig Walsh, partner at law firm Tanner De Witt, characterizes the proposed regime as bringing Hong Kong up to the expected standards“One of the areas where there was anticipation for progress was in relation to anti-money laundering and KYC for virtual assets,” he said. Other jurisdictions have introduced regulation then made modifications. Singapore, for instance, has signaled to the market that it willHong Kong “absolutely lost ground to a couple of neighboring jurisdictions,” HashKey Chief Operating Officer David Leahy said. But in his view, the strength of Hong Kong’s capital markets still make it a dominant force in the region.
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