This action by Ng comes as the SEC is suing prominent companies like Binance and Coinbase. Despite this, Hong Kong has adopted a proactive approach to cryptocurrencies and aggressively regulated crypto assets. In reality, in January 2023, Hong Kong’s Financial Secretary, Paul Chan, declared the government’s commitment to building a strong ecosystem for cryptocurrencies and fintech. Since then, Hong Kong has been trying to create rules and put compliance procedures in place to support the growth of the bitcoin business.
In order to lay the foundation for the establishment of a retail Central Bank Digital Currency (CBDC), HKMA made its intentions known. This effort, which was unveiled on June 9, aims to improve client access to cryptocurrency exchanges and look into the benefits of CBDCs as a method of payment for regular transactions. This action demonstrates HK’s dedication to developing a digital future and turning into a digital hub for the cryptocurrency industry.
OKX and Huobi compliance businesses, who are now listed on the Hong Kong Stock Exchange, are already taking part in this project. Prominent foreign IT companies are very interested in Hong Kong’s positive attitude toward cryptocurrencies.
The well-known Korean electronics firm Samsung announced the launch of a Bitcoin Futures Active Exchange-Traded Fund (ETF) on the Stock Exchange of Hong Kong in January. This action is an example of how important industry players are becoming more aware of and involved in Hong Kong’s crypto ecosystem.
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