Cryoto Currency

Hong Kong’s Super Rich Show Interest in Crypto By DailyCoin


© Stocksak. Hong Kong’s Super Rich Show Interest in Crypto

Investors interested in diversifying their portfolios by investing in cryptocurrency include family offices and the ultra rich of Singapore and Hong Kong. These investors are open to the idea, despite the fluctuating prices of digital currencies over two years. KPMG’s report states that more than 90% are either considering investing in cryptocurrency, or have already done so.

KPMG China and Aspen Digital published their report “Investing in Digital Assets” on October 24. It discovered that as much as 58% of family offices (FOs) and high-net-worth individuals (HNWIs) of survey participants are already putting money into digital assets and that 34% “plan to do so.” The majority of the 30 Hong Kong and Singaporean family offices and HNWIs surveyed manage assets in the $10 million to $500 million range.

KPMG claims that the widespread adoption of cryptocurrency by the ultra-wealthy has increased confidence in the industry. This is due to a rising trend of mainstream institutional interest. KPMG also stated that institutions now have greater access and more control over financial products related to digital assets.

In September, DBS, Singapore’s largest bank, announced that it would allow roughly 100,000 of its wealthy clients to access cryptocurrency trading services on its digital exchange (DDEx). In October, Coinhako, a cryptocurrency exchange, announced that they were among a small group of businesses to receive a license from Singapore’s Monetary Authority (MAS) to offer services related to digital payment tokens.

According to the report, investors are still investing only about 5% in digital assets such as (BTC),(ETH) and stablecoins.

Crypto Investments are hampered by volatility and unclear regulations

Respondents stated that there is still a barrier to entry to invest in the sector due to the volatility of the market, the difficulty of accurately valuing assets and the unclear laws regarding digital assets. Digital assets are new and have been around for a short time. This means that there is still uncertainty among HNWIs as to whether they can invest in the sector, especially regarding regulation and valuation.

However, KPMG pointed out that both countries’ regulatory landscapes might be becoming more transparent in the near future. KPMG stated that all VASPs in Hong Kong will have to have applied by March 2024 for a license. Singapore continues to work towards a more comprehensive set cryptocurrency regulations.

The Flipside

  • Hong Kong does not have a legal framework that regulates the current situation. crypto assetsThey are not all regulated by the same regulatory body. However, a number of financial regulators such as the Securities and Futures Commission, the Hong Kong Monetary Authority and the Insurance Authority (IA) have provided guidance. crypto assets.

Why you should care

Hong Kong and Singapore are quickly becoming the top cryptocurrency hubs. This adds to their already impressive reputations of major international financial centers. High net-worth individuals’ growing interest in cryptocurrency bodes well for the industry’s rapid development.

Learn more about crypto adoption in Singapore:

Coinbase (NASDAQ) receives a Singapore Digital Payment Token Crypto License

Learn more about the regulations and crypto industry:

Regulatory Action makes Crypto Industry more attractive to investors

See original on DailyCoin

News Source and Credit

Stocksak Editorial

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