Hong Kong May Legalize Cryptocurrency Trading For Retail Investors
- Hong Kong seeks to regain its status as a financial center
- Local Authorities Consider Listing Crypto ETFs
- Also, the regulator does not exclude the legalization of trading in digital assets for retail investors.
- However, Hong Kong is also working on its own CBDC project.
Today, October 31, the Hong Kong authorities published a decree on the start of consultations on the subject of ” expanded access ” of retail investors to cryptocurrency. This measure is part of a global strategy to restore the region’s status as a financial center.
“We recognize the growing popularity of digital assets as an investment distribution tool for traders, both global and individual. The launch of this institution in Hong Kong will connect the “players” in this segment with the market and financial institutions. This will allow us to offer investors reliable and proven products that ensure the development of the industry,” the public statement says.
Earlier, the Minister of Finance of Hong Kong spoke at the Hong Kong FinTech Week. At the conference, he announced his desire to turn the region into a global center for the cryptocurrency industry.
Apparently, the indicated measure is part of this strategy. The largest exchanges will take part in this process, which will study the potential opportunities and risks from the introduction of digital assets in the financial field of Hong Kong.
However, so far we are only talking about the listing of crypto-ETFs. In the eyes of politicians, this is a more controlled and reliable tool. It is possible that the authorities will present the first draft of the regulatory framework in this area by March next year.
Hong Kong is also working on creating its own CBDC. Now the region is actively participating in the test launch of the digital yuan , which gives local authorities a ready base for the introduction of their own virtual currency.
If you are interested in this topic, we recommend that you study our translation of Hayes’ new essay entitled “Comeback” . In it, the author promotes the idea that Hong Kong is China’s ” cryptocurrency window “.