Hong Kong Considers Direct Cryptocurrency Retail Participation
- Hong Kong says its stance on cryptocurrency differs from China’s.
- Hong Kong is considering allowing retail investors to sell directly from crypto exchanges.
- This is to attract fintech companies from Hong Kong.
Hong Kong has stated that it takes a different stance on cryptocurrency than Mainland China. Hong Kong has assured web3.0 businesses that it will allow direct selling services to all crypto exchanges and intermediaries.
Elizabeth Wong, director for licensing and head the fintech unit at the Securities and Futures Commission, stated these things during a panel discussion hosted in Hong Kong by InvestHK.
the ‘one country, two systems’ principle forms the basic foundation of Hong Kong’s financial markets, and the fact that the city can introduce its own bill to regulate cryptocurrencies shows just how separate Hong Kong is from the mainland
The introduction of retail participation allowing “direct investment into virtual assets,” would account for a significant change in the SFC’s standpoint for the last four years, added Wong. SFC’s present stance limited cryptocurrency trading on centralized exchanges to professional investors.
A professional investor is defined as a user who has HK$8 million in assets or USD 1 million. Industry players have stated that the only professional approach to crypto business is what is driving it away from the city.
These industry changes are made in order to attract FinTech companies leaving Hong Kong, while Hong Kong tries to regain its reputation for being a cryptocurrency hub.
A new cryptocurrency policy will be revealed by Hong Kong officials at the Fintech Week next week. Event organizers said that the new policy will share a “vision of developing Hong Kong into an international virtual assets centre,” making its outlook on virtual assets transparent to global markets.
Coin Edition published the article Hong Kong Considers Direct Participation in Cryptocurrency Retail.