7 months ago
Hong Kong is sharpening its absorption connected virtual plus trading and integer fiscal systems, section media reported connected Oct. 23, citing Financial Secretary for Services and the Treasury Christopher Hui.
Speaking astatine the Asia-Pacific Fintech Innovation Lab 2024, Hui emphasized that these areas are cardinal to positioning Hong Kong arsenic a planetary person successful virtual plus development.
As portion of a broader propulsion for integer finance, Hui emphasized the imaginable of cardinal slope integer currencies (CBDCs) and virtual plus trading to reshape Hong Kong’s fiscal landscape. He said the authorities is accelerating efforts to integrate these technologies, providing unafraid and businesslike outgo systems that could heighten some section and determination markets.
Hui’s comments travel arsenic Hong Kong ramps up its licensing model for crypto exchanges. The Securities and Futures Commission (SFC) has already granted its third crypto trading level licence nether caller regulatory standards, pursuing earlier approvals for OSL and HashKey.
Currently, 11 different platforms are undergoing the reappraisal process, aiming to unafraid licenses that would let them to service retail investors nether the city’s updated crypto trading regime.
The licensing framework, archetypal implemented successful June 2023, is seen arsenic a cornerstone of Hong Kong’s effort to go a hub for virtual assets. It offers exchanges a pathway to run nether stringent regulatory oversight, ensuring greater extortion for retail investors.
Despite the progress, immoderate section firms person criticized the regulatory situation arsenic being overly stringent, starring respective companies to retreat their applications. The equilibrium betwixt regulatory rigor and innovation remains a situation for Hong Kong, but its absorption connected licensing and compliance signals a semipermanent strategy to pull organization and retail investors.
Hong Kong’s absorption connected regulatory innovation, coupled with its propulsion to integrate integer assets into mainstream fiscal systems, positions the metropolis arsenic a person successful the planetary contention for fintech dominance. Its continued efforts successful virtual plus trading and crypto regularisation are expected to solidify its relation arsenic a premier destination for fintech innovation.
The station Hong Kong targets planetary fintech enactment with caller virtual plus strategies appeared archetypal connected CryptoSlate.
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