Hong Kong Sees Overwhelming Response To Crypto Policy Shift

• Hong Kong’s friendly stance on crypto is attracting attention from virtual asset businesses.
• The island city’s Secretary for Financial Services and the Treasury has highlighted the overwhelming response from crypto entities.
• Hong Kong plans to roll out a licensing regime for crypto exchanges by June.

Hong Kong’s recent shift in its crypto policy seems to have grabbed the attention of virtual asset service providers and businesses from around the world. Island city’s Secretary for Financial Services and the Treasury recently highlighted the “overwhelming response” that it had received thanks to its friendly crypto stance.

According to a recent report by Bloomberg, Christopher Hui, the Secretary for Financial Services and the Treasury, revealed that more than 80 institutions and entities had expressed interest in expanding their presence in the island city of Hong Kong.

“Hong Kong is one of the pioneers in the world in terms of having a holistic regulatory regime for virtual assets more broadly, rather than crypto per se,” Secretary Hui stated in a Bloomberg Television interview with Yvonne Man and David Ingles. He highlighted the investor protection and financial stability aspects of the updated crypto policy.

Secretary Hui recently addressed a speech at the Aspen Digital Web 3 Investment Summit, where he pointed out the efforts made by the government of Hong Kong to position the city as a leading hub for crypto and web3 initiatives in Asia.

These efforts included the development of a comprehensive support system for enterprises and start-ups operating in the crypto space. One of the latest developments is the announcement of a licensing regime for crypto exchanges which will be established in June. Furthermore, the Hong Kong Monetary Authority is working on a regulatory regime for stablecoins which will be implemented by 2024.

The efforts by Hong Kong’s government are in line with the island city’s vision of establishing itself as a global crypto hub. The vision was laid out in October last year in a bid to attract investment and restore its reputation as a leading destination for fintech solutions.

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