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Hong Kong Govt Commits To Support Digital Assets, Contrary Actions

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On May 31, other Hong Kong government officials, including the Financial Secretary, Hong Kong, appeared at 2024 Caixin Summer Summit, where they shared that the Hong Kong government will continue to promote financial innovation. 

The focus areas that remain key to development include financial technology, green finance, Web3 related areas, DeFi, and virtual assets. The development and support will ensure the stability and reduction of financial risks. 

Michael Wong is Optimistic for Growth

The Acting Financial Secretary, Michael Wong, believes that the driver of growth for the country is its Special Administrative Region Government. He added that the financial and economic connectivity of the country with other flourishing countries in the space is its unique advantage.

And he further believes that the country will continue to take advantage of this unique advantage to explore new growth opportunities in different fields and develop new competitive advantages.

He shared the idea of the Hong Kong SAR government expanding its competitive advantages to three specific areas, such as finance, innovative technology and attracting foreign enterprises and talents.

In the area of finance, the key areas include financial technology, green finance, DeFi (decentralized finance) related to Web3, digital and virtual assets and others.

The other factor that will support the growth of Hong Kong is its interconnected with Mainland China’s financial market, and it is anticipated to expand further.

Furthermore, the China Securities Regulatory Commission shared and issued five measures the capital market cooperation for Hong Kong. The country officials are looking forward to implementing those measures and believe that the interconnection between Mainland China and Hong Kong will uncover more investment opportunities and products.

Hong Kong to Show Down Crypto Exchanges

Despite country officials claiming to support the digital assets, it is contradictory as a few crypto exchanges were forced to dismiss their operations due to the increase in regulatory requirements as the licensing deadline was provided to be February 29.

The exchanges that did not get licenses were either forced to cease their operations on their own or the government will do it with effect from May 31.

Hong Kong regulatory bodies has substantially increased the regulatory requirements for the exchanges since the beginning of this year. This has led to the cessation of operations on multiple crypto exchanges in the country in the last two months.

Some of the exchanges that were found to be inoperable include, Bitget, Bittrex, HOTBIT and HKVAEX. 

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