Hong Kong has announced plans to establish itself as a hotspot for digital asset business. However, companies attracted to this plan should expect strict regulations, according to the region’s authorities. The Hong Kong Monetary Authority (HKMA) has said that it will prepare new licensing rules for service providers working with cryptocurrencies, as well as guidelines for banks interacting with crypto firms. The HKMA has also made it clear that crypto companies will not operate under lax regulations in Hong Kong. Rather, regulations for the industry in Hong Kong will be tight and reflect transparency and clarity. The move is part of efforts by authorities to restore Hong Kong’s credentials as a leading financial centre after restrictions were imposed in response to the Covid pandemic and political unrest in the territory. Hong Kong’s legislative framework introducing the new crypto rules will be built on a “reasonable and sustainable level”. Furthermore, the city’s guardrails will lower and provide an ecosystem here; however, authorities have emphasized that this will not allow the recurrence of any FTX-type event in the city. Hong Kong’s new regulations will be launched on June 1.
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