Hong Kong is doubling down on its ambition to become the global hub for digital finance, especially in virtual asset trading and cryptocurrency regulation.
Hong Kong is doubling down on its ambition to become the global hub for digital finance, especially in virtual asset trading and cryptocurrency regulation. That was the pronounced initiative from the keynote address by Christopher Hui, Secretary for Financial Services and the Treasury, at the Asia-Pacific Fintech Innovation Lab 2024 on Oct. 23.
It also embraces the entire spectrum of digital financial innovations, ranging from the development of central bank digital currencies (CBDCs) to the vibrant ecosystem of virtual asset trading. These technologies are considered the missing pieces to renew Hong Kong’s financial infrastructure and further develop its competitive edge in the global market.
"We see a revolution in financial services, and Hong Kong is trying to position itself at the leading edge of this revolution," Hui said in his speech. This is supported by speeding up the implementation of advanced payment systems, which are expected to increase efficiency within both domestic and regional markets.
The underpinning for this approach is the licensing regime for cryptocurrency exchanges. The Securities and Futures Commission (SFC) has just issued its third platform license under the new regulatory regime, following successful approvals of OSL and HashKey. This development marks a crucial milestone toward establishing a regulated virtual asset trading environment in Hong Kong.
Since its inception in June 2023, the program has been met with much interest, with 11 more platforms now going through the review process. New licensees hope to attain the right to serve retail investors under Hong Kong's refreshed cryptocurrency trading laws.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
