Hong Kong Moves Opposite To China As It Wants To Legalize Trading For Cryptocurrencies

There was a time when Hong Kong emerged as one of the most crypto-friendly regions in the world. However, things changed as China put its foot down on cryptocurrencies.

Faced with a difficult situation, Hong Kong had no choice but to do the same as China. However, Hong Kong seems to have realized that the situation needs a change and it needs to make a difference.

Hong Kong, a Crypto Hub

According to the reports, Hong Kong wants to regain its status being a major cryptocurrency hub not only in Asia but also in the world.

The special administrative city of China is doing that by launching multiple initiatives in the cryptocurrency industry.

This would be a great move by Hong Kong to put itself back on the map of the cryptocurrency industry.

Hong Kong is now determined to distinguish itself from China which has put a ban on cryptocurrencies and their trading.

Hong Kong to Implement its Own Bill

It has been reported that Hong Kong wants to come up with its own bill that would impose friendly regulations over cryptocurrencies. The government of Hong Kong wants to do it in a China-free way.

The head of the Securities and Futures Commission (SFC), which is the fintech unit in Hong Kong, recently released a statement involving cryptocurrencies.

Elizabeth Wong, SFC head stated that they want to regain the same reputation and status they had for cryptocurrencies before China put a blanket ban on cryptocurrencies.

This is why they are eager to propose a new bill that would be highly supportive and lenient towards cryptocurrencies. This way, they will be able to make cryptocurrencies more adaptable in their region.

Major Goal of SFC

One of the major goals the SFC has to achieve with the approval of the bill is to let the locals trade in cryptocurrencies.

The SFC officials want to promote cryptocurrencies and digital assets among local retail investors. Their aim is to let the investors be part of the cryptocurrency investment industry.

The statement was made by Wong and was posted in one of the Chinese newspapers on October 17. The particular news reporting firm is the ‘South China Morning Post’.

She stated that as the bill passes, retail investors would not have to resort to indirect or third-party investment platforms. Instead, they will be able to directly interact with the cryptocurrency service providers.

In the past four years, the SFC did not let retail investors be part of the Cryptocurrency investment industry over regulatory uncertainties.

During this time period, the regulatory authority has continued imposing stricter regulations on the cryptocurrency industry in its jurisdiction.

Now, the SFC feels it is the right time to become lenient towards cryptocurrencies and let the sector throve on its soil.

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