Hong Kong’s Financial Secretary Doubles Down on Crypto Hub Positioning Despite Crypto Winter

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Paul Chan, hong kongThe Financial Secretary of the UK said that despite the ongoing market downturn, the city will continue to work towards becoming a major crypto hub, attracting businesses from around the world.

Chan, financial secretary since 2017, was speaking at a web3 Forum, Bloomberg Reportedwhen they said hong kong would become A place for startups of all kinds – including crypto and fintech – to set up shop in 2023.

He reiterated that the city plans to become a regional crypto hub – despite falling crypto prices and a continuing malaise from the collapse of several major companies, not the least of which is ftx exchange.

The Financial Secretary said that,

“As some crypto exchanges collapse one after another, Hong Kong becomes a quality standing point for digital asset corporates.”

Per Chan, while other crypto centers – such as Singapore Hong Kong has a strong regulatory framework that “matches international norms and standards”, but also restricts “free-riders”.

That is why many major tech firms and startups are considering relocating their headquarters to Hong Kong or expanding in the city, he said but did not give names.

and that’s not all. Speaking at the same event, Joseph Chan, Undersecretary for Financial Services and the Treasury, said Hong Kong is preparing to issue more licenses for digital asset trading firms, and plans to hold consultations on crypto platforms where it will be available to the retail sector. Will find out the potential of. Participation in the crypto industry. He said the details would be published soon.

Hong Kong Is Tacking Crypto On Multiple Fronts

It seems that Hong Kong is working hard on its plans related to digital assets.

As Reported A few days ago, the city’s financial services companies are gearing up to enable their retail customers to trade digital assets in the coming months, following the passage of the Anti-Money Laundering and Counter-Terrorist Financing Act. Legislative Assembly, “We have seen a number of local brokers and fund managers approach us for advice regarding licensing requirements under the new regulatory regime,” said Robert Louis, Digital Asset Leader Deloitte Hong Kong, was quoted as saying. He added that the authorities are likely to allow retail investors with large market capitalization and liquidity to trade in these assets.

In mid-December 2022, two exchange-traded funds (ETF) – CSOP Asset Management’s Bitcoin Futures ETF and Ether Futures ETF – started The first of its kind in the city in Hong Kong.

hong kong in november Told It will issue tokenized government green bonds and unveil several pilot programs, one of which was to issue a new batch of tokenized green bonds to institutional investors.

The Hong Kong central bank is also working on a digital currency (cbdc, he was Reported In September it will start testing a digital coin called e-HKD in the fourth quarter, laying the groundwork for implementing a digital currency that will eventually be used by the public to make purchases, transfer money, etc. The pilot plan will be accompanied by changes in legislation and digital infrastructure to support e-HKD.

was also in november Told he Mainland China and were ready to co-launch Hong Kong digital yuanfirst cross-border pilot project of – as People’s Bank of China (PBoC)-led project moves closer to roll out.

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learn more:
, Hong Kong Slips in Crypto Hub World Ranking
, Government Official: FTX Collapse Won’t Stop Hong Kong From Becoming Virtual Asset Hub

, Hong Kong Regulator Poised to Allow Retail Investors Access to BTC, Ether ETFs
, Hong Kong May Allow Direct Crypto Purchases

, KPMG and Aspen Digital Study Shows Wealthy Asian Investors Are Eager for Crypto
, Survey finds NFT play-to-earn gaming most popular in India, Hong Kong and UAE


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