- Hong Kong’s securities regulator wants to allow retail investors to invest in cryptos
- Hong Kong is considering introducing its own bill to regulate crypto in its own China-free way
- Hong Kong launched a $3.8 billion fund to attract foreign businesses
By launching a number of legal initiatives related to the cryptocurrency industry, Hong Kong is taking steps to regain its position as a global hub for cryptocurrency.
Hong Kong, a Chinese city and special administrative region, is willing to differentiate its approach to crypto regulation from mainland China’s blanket crypto ban.
According to Elizabeth Wong, head of the fintech unit at the Securities and Futures Commission (SFC), the government of Hong Kong is considering introducing its own bill to regulate cryptocurrency in a manner independent of China.
The Crypto industry has become more compliant over the past years
The South China Morning Post reported on October 17 that Wong stated that one of the SFC’s initiatives is to allow retail investors to “directly invest into virtual assets” during a panel held by InvestHK.
Wong noted that such an initiative would represent a significant shift from the SFC’s stance over the past four years, which limited professional investors to crypto trading on centralized exchanges.
Individuals with a portfolio worth at least $1 million, or roughly 7% of the city’s population as of September 2021, are eligible investors. Wong emphasized that the cryptocurrency industry has become more compliant over the past four years, implying that the time has come to alter the city’s position on crypto.
They think that this may be a good time to really think about whether we will continue with this professional investor-only requirement, the company stated.
The official from the SFC also mentioned a few other legal initiatives aimed at expanding Hong Kong’s crypto ecosystem, such as a January policy that allows service providers to sell certain crypto-related…
