The Hong Kong Securities and Futures Commission (SFC) is building the government’s influence as a cryptocurrency powerhouse in Asia and intends to attract more crypto investors and startups to the region.
Licensing Director and Head of SFC FinTech Division Elizabeth Wong shared the plans of the Cryptocurrency Regulatory Commission. The commissioner said that Hong Kong could introduce its own cryptocurrency regulation bill, different from China’s, and this would demonstrate how separate Hong Kong is from the mainland.
The agency is currently considering allowing retail investors to invest in digital assets directly. Recall that over the past four years, Hong Kong has significantly restricted the trading of cryptocurrencies on centralized exchanges for professional investors. Requirements for retail investors have also changed.
The Commission is now reviewing the rules allowing retail investors to invest in exchange-traded funds (ETFs) linked to crypto assets. The main goal of the reforms is to attract more investors and start-ups to the region. Apparently, the revision of some cryptocurrency laws should consolidate the position of the state in the international market.
Earlier, the Hong Kong Monetary Authority (HKMA) announced that it plans to begin testing its own cryptocurrency, the digital Hong Kong dollar, in the coming months.
Source: Bits
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