Reaffirming Its Goal to Become a Regional Crypto Hub is Hong Kong

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Following the failure of cryptocurrency exchange FTX, Hong Kong has reaffirmed its intention to develop into a regional centre for the bitcoin industry.

According to a senior government official, Hong Kong “became a quality standing point for digital asset corporates as some crypto exchanges crashed one after another.”

At a web3 event on Monday in Cyberport, Hong Kong Financial Secretary Paul Chan Mo-po reiterated the city’s support to cryptocurrencies.

The financial secretary stressed that Hong Kong is still dedicated to developing into a regional crypto hub and gave the following examples:

As some cryptocurrency exchanges started to fail one after another, Hong Kong emerged as a desirable location for corporate holders of digital assets.

At the same event, Hong Kong’s undersecretary for financial services and the Treasury, Joseph Chan, disclosed that the administration is getting ready to grant more licenses to companies that deal in digital assets.

Despite the failure of the crypto exchange FTX and the bankruptcy filing of numerous other crypto businesses, Hong Kong is working to establish itself as a regional hub for the industry.

Hong Kong is attempting to ease the trading of crypto assets by retail investors after years of stringent controls.

The SFC is “actively investigating” to establish a regulatory framework that permits retail investors to trade exchange-traded funds (ETFs) with exposure to cryptocurrency futures, according to Julia Leung, another SFC officer, who made the statement in November 2017.

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