Hong Kong wants to become a regional crypto hub

Hong Kong has reaffirmed its commitment to becoming a regional crypto hub.

Indeed, the sudden collapse of one of the major crypto exchanges, FTX, has shaken the entire crypto-markets around the world. Nevertheless, this will not stop Hong Kong in its strategy to establish itself as a crypto hub.

Hong Kong Financial Secretary Paul Chan Mo-po reaffirmed the city’s commitment to cryptocurrency at a web3 summit at Cyberport on Monday.

Stressing that Hong Kong remains committed to becoming a regional crypto hub, the financial secretary described:

‘While some crypto-exchanges were collapsing one after another, Hong Kong has become a quality hub for digital asset companies.

He added that Hong Kong has a robust regulatory framework for crypto that “matches international norms and standards.”

Joseph Chan, the Hong Kong government’s undersecretary for financial services and treasury, revealed at the same event that the city is preparing to issue more licenses for digital asset trading firms. In addition, it is planning a consultation on crypto-platforms to explore the potential for retail participation in the sector.

In November of last year, Julia Leung, another SFC executive, said the regulator is “actively seeking” to put in place a regulatory framework that allows retail investors to trade exchange-traded funds (ETFs) with exposure to cryptocurrencies on a forward basis. In December, the first crypto futures ETFs were launched.