Neil Tan claims that China has a lot of talent in the technology sector waiting to jump into the crypto ecosystem.
FinTech Association of Hong Kong (FTAHK) chair Neil Tan revealed that Hong Kong is unbothered by other countries' hesitations, pushing forward with plans to allow licensed crypto exchanges access to retail trading.
During Hong Kong WOW Summit, the FTAHK chair noted that while nations like Singapore and the United States are pausing their crypto retail trading plans, Hong Kong is forging ahead. The administrative region strives to establish a solid legal framework and attract the necessary talent and infrastructure providers to support its virtual asset ambitions.
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With crypto licensing guidelines expected to be released in May and a licensing regime for crypto exchanges coming into effect on June 1st, Tan believes legal and regulated access to crypto will attract participants.
If there’s access to <crypto> in a legal and regulated way, then I'm sure participants will come. It is a ‘build it and they will come’ because there are no other options. The options are dwindling, actually.
In its Virtual Asset Service Providers (VASPs) licensing regime, Hong Kong's securities regulator suggested letting retail traders to access licensed crypto platforms. This would prevent traders from turning to unregulated overseas platforms, which currently cater exclusively to accredited professional investors.
At the beginning of 2023, the Securities and Futures Commission (SFC) CEO Julia Leung Fung-yee revealed that retail traders are set to be limited to "highly liquid" digital assets but failed to go into details about the matter.
Both the Chinese and Hong Kong governments recognize the region's opportunities and are taking steps to support inbound talent, including those coming from Big Tech.
There's a lot of talent across the border and right now there's a fair amount of unemployment. There's a lot of talent that's coming from Big Tech and so forth that's able to come into Hong Kong.
Neil Tan sees the expansion of the financial industry to digital assets as a "natural progression" as cryptocurrencies gain prominence.
Crypto adoption is growing across all investor types, from retail to high-net-worth and institutional investors. As people increasingly integrate cryptocurrencies into their portfolios, Hong Kong is determined to be at the forefront of this evolution, opening its doors to digital assets.
CPIC Investment Management CEO Chenggang Zhou claims Hong Kong's growing embrace of cryptocurrencies doesn't signify a shift in mainland China's stance on digital assets.