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Hong Kong to Launch Several Crypto-Related Initiatives Separately from China

Hong Kong to Launch Several Crypto-Related Initiatives Separately from China

Hong Kong plans to launch several crypto-related initiatives, breaking away from China's crypto regulations.

Hong Kong, a city and administrative region of China, is reportedly planning to launch a number of legal initiatives considering the crypto industry.

According to the news report written by the South China Morning Post, Hong Kong’s government is considering launching its own crypto bill, breaking away from China’s crypto regulations.

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The news was revealed by the head of the fintech unit at the Securities and Futures Commission (SFC), Elizabeth Wong, during the panel hosted by InvestHK.

The SFC fintech unit leader highlighted that one of the initiatives would allow retail investors to “directly invest into virtual assets.”

It is worth noting that for the past four years, crypto trading was allowed only for professional investors. Citizens eligible to trade on centralized exchanges must have a portfolio worth at least $1 million. In September 2021, it only made up 7% of the city’s population. In the panel, Elizabeth Wong noted:

We think that this may be actually a good time to really think carefully about whether we will continue with this professional investor-only requirement.

It is reported that Hong Kong is looking to bring other crypto-related initiatives to action. During her talk, Wong emphasized that Hong Kong is working on launching a policy allowing crypto service providers to sell crypto derivatives. Moreover, SFC also considers letting retail investors invest in crypto exchange-traded funds.

A press release shared by the Government of the Hong Kong Special Administrative Region confirmed Elizabeth Wong’s claims. The press release highlighted that the government has already presented a bill aiming to define the regulatory framework for virtual asset service providers

Moreover, in its attempt to become an “international virtual assets center,” Hong Kong is looking to adopt Metaverse and non-fungible tokens (NFTs).

It is worth noting that in September 2021, the People’s Bank of China banned cryptocurrency transactions, claiming that it enables financial crimes and poses a risk to China’s financial system.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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