{"id":27320,"date":"2023-06-25T15:06:06","date_gmt":"2023-06-25T19:06:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-trading-crucial-to-virtual-asset-ecosystem-says-hong-kong-sfc-chief\/"},"modified":"2023-06-25T15:06:08","modified_gmt":"2023-06-25T19:06:08","slug":"crypto-trading-crucial-to-virtual-asset-ecosystem-says-hong-kong-sfc-chief","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27320","title":{"rendered":"Crypto Trading Crucial to Virtual Asset Ecosystem, Says Hong Kong SFC Chief"},"content":{"rendered":"
\n

Cryptocurrency trading is an important part of the virtual asset ecosystem, according to\u00a0Julia Leung Fung-yee<\/strong>, CEO of the\u00a0Securities and Futures Commission (SFC) of Hong Kong.<\/strong><\/p>\n

In a\u00a0recent speech, Leung said the city-state recognizes the importance of crypto trading, adding that it welcomes the application of related technologies to financial services, including bond tokenization and investment funds.\u00a0<\/p>\n

The CEO also mentioned that\u00a0<\/strong>Hong Kong<\/strong>‘s embrace of Web3 regulation has been crucial to the development of its virtual asset ecosystem following the collapse of the crypto exchange FTX in November 2022.\u00a0<\/p>\n

She outlined how the new licensing system for virtual asset providers would ensure that investors are protected while considering the risks that financial institutions face.\u00a0<\/p>\n

Incorporating virtual asset providers into the regulatory system, in her view, was the only way to embrace innovation and strengthen market trust after FTX\u2019s bankruptcy.<\/p>\n

Following the collapse of FTX, Hong Kong started taking measures in a bid to reduce regulatory risks associated with centralized exchanges.\u00a0<\/p>\n

In December 2022, its legislative council included virtual asset service providers in the same legislation governing traditional financial institutions.\u00a0<\/p>\n

Furthermore, the city’s financial regulator implemented its new regulatory framework for crypto on the first of June.<\/p>\n

The new rules introduce strict Anti-Money Laundering guidelines and investor protection laws to digital asset exchanges looking to open a business in Hong Kong.\u00a0<\/p>\n

It also\u00a0allows retail investors\u00a0the ability to trade virtual assets, instead of restricting digital assets trading to professional investors and traders with at least $1 million in bankable assets.<\/p>\n

Hong Kong Pressures Banks to Engage With Crypto Clients<\/h2>\n

Earlier this month, the\u00a0Hong Kong Monetary Authority (HKMA)<\/strong>\u00a0questioned banks\u00a0including\u00a0HSBC<\/strong>,\u00a0Standard Chartered<\/strong>, and\u00a0Bank of China<\/strong>\u00a0for why they had not accepted crypto exchanges as clients.<\/p>\n

The HKMA told the banks that due diligence on such potential customers should not \u201ccreate undue burden,\u201d particularly \u201cfor those setting up an office in Hong Kong to look for the opportunities here.\u201d<\/p>\n

The move comes as the city has recently shown a clear desire to rebuild its position as a hub for the industry.<\/p>\n

Back in February, the government even\u00a0allocated 50 million yuan\u00a0($7 million) to speed up the development of Web3.\u00a0<\/p>\n

The efforts have ostensibly paid off as more and more crypto companies continue to move to the city-state to enjoy a friendly regulatory environment.\u00a0<\/p>\n

Last week,\u00a0Hong Kong’s Financial Secretary<\/strong>\u00a0Paul Chan Mo-po said\u00a0that more than 150 Web3 firms have established operations in the city’s\u00a0Cyberport<\/strong>\u00a0over the past 12 months.\u00a0<\/p>\n

Cyberport, which is managed by a wholly-owned subsidiary of the government of Hong Kong Special Administrative Region, hosts a total of 1,900 enterprises, Chan added.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency trading is an important part of the virtual asset ecosystem, according to\u00a0Julia Leung Fung-yee, CEO of the\u00a0Securities and Futures Commission (SFC) of Hong Kong. In a\u00a0recent speech, Leung said the city-state recognizes the importance of crypto trading, adding that it welcomes the application of related technologies to financial services, including bond tokenization and investment […]<\/p>\n","protected":false},"author":1,"featured_media":27321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-27320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCrypto Trading Crucial to Virtual Asset Ecosystem, Says Hong Kong SFC Chief | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Cryptocurrency trading is an important part of the virtual asset ecosystem, according to\u00a0Julia Leung Fung-yee, CEO of the\u00a0Securities and Futures\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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