Hong Kong to step in as ‘options are dwindling’ globally — FinTech chair

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Hong Kong Fintech Association (FTAHK) Chairman Says Crypto-friendly Hong Kong Still Aggressive in Allowing Citizens Access to Crypto Trading Despite Other Jurisdictions “Taking a Step Back” claims to be relevant.

Speaking to Cointelegraph at the Hong Kong WOW summit in March, FTAHK Chairman Neil Tan said that while Singapore and the US appeared to be withdrawing permission for retail trading of cryptocurrencies, “Hong Kong is moving forward. ‘ said.

On June 1, a licensing regime for cryptocurrency exchanges went into effect, Tan said, “including retail.” Licensing guidelines he plans to release in May.

“If you have access [crypto] We are confident that participants will come to us in a legal and regulated manner. Because there is no other choice, it is “build and they will come”. In fact, there are fewer options. ”

In February, the region’s securities regulator proposed a licensing regime for virtual asset service providers (VASPs) to allow retail traders access to licensed crypto platforms.

He noted that denying access could move traders to unregulated overseas platforms. Currently, these platforms can only serve accredited professional investors.

In January, Securities and Futures Commission (SFC) CEO Julia Leon Fongyi said retail traders would be limited to “highly liquid” digital assets, but offered no further explanation. didn’t.

Hong Kong not only offers what many consider to be an attractive legal framework for cryptocurrencies, but is also focused on attracting talent and infrastructure providers. Tan calls this the “backend.”

Related: China’s crypto stance won’t change with move in Hong Kong, executive says

He added that both the Chinese and Hong Kong governments are aware of the opportunities in the region and are taking action to support inbound talent.

“There’s a lot of talent across borders, and there’s a fair amount of unemployed right now,” Tan said of China. .”

For Hong Kong to realize its cryptocurrency hub ambitions, it will also need to have infrastructure to support cryptocurrencies, Tan said. “When a platform comes along, it comes with that infrastructure.

He added that opening up the financial industry to digital assets is a “natural progression” as cryptocurrencies “get a little more prominence”.

“People actually [crypto] in their portfolio. Whether we are talking about retail investors, high net worth individuals or institutional investors, everyone is looking at their portfolios to get that kind of exposure. ”

“Now we’re back in business. We’re opening it.”

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