The Hong Kong Securities and Future Commission (SFC) made a legit decision to adopt new cryptocurrency regulations in the nation. Without considering mainland China’s decision, Hong Kong made the autonomous move to allow retail investors to invest in digital assets directly.
Recent approaches by the East Asian nation of Hong Kong towards the growth of crypto assets and digital infrastructure in the country. As per the data released by the Forex study, Hong Kong surpassed the United States as the best-prepared nation for the adoption of crypto platforms and widespread use of cryptocurrency. Hong Kong was positioned in the first place with a score of 8.6, followed by the United States with 7.7.
In a recent panel discussion held by Invest HK, Elizabeth Wong, the director of licensing and head of the fintech unit of Hong Kong, held a meeting to transform Hong Kong as a global hub for crypto asset investors. That they took a step to allow “retail investors to directly invest in crypto assets”. The SFC of the country is trying to revive the regulations on investors’ investing in exchange traded funds (ETFs).
And the country is trying to bring back the fintech entities that left the nation due to strict guidelines on the crypto platform. The SFC tightened the laws governing virtual asset service providers in 2019, and they only provided license service to the professional investors. It made some of the fintech entities move towards Singapore to obtain a license. And now the country is taking steps towards bringing them back to Hong Kong.
Recently, HashKey Capital has gotten approval from the SFC to conduct a 100% crypto portfolio in the nation. It is not the first company that has gotten approval to provide crypto asset services in the country. Huobi and MaiCapital Limited, major crypto platform organizations in Hong Kong, also became successful in getting a license.
Hong Kong Fintech Week 2022 will be held from October 31st to November 4th, virtually. The theme of this year’s event is “pushing boundaries, reaping benefits.”
Financial Secretary Paul Chan Mo-po stated that “The policy statement will outline the government’s stance in order to demonstrate to the global virtual assets community its vision of developing Hong Kong into an international virtual assets center, and its commitment and determination to explore financial innovation with the virtual assets community.”
Source: https://www.thecoinrepublic.com/2022/10/21/hong-kong-decided-to-remove-the-professional-investor-only-requirement/