Hong Kong planning to legalize Cardano, Ethereum, and Bitcoin Payments to become a Blockchain Center
- Teresa Bach
- October 27, 2022
- 0 Comments
Hong Kong is developing a softer approach toward cryptocurrencies and is actively attempting to authorize retail crypto trading. The city has embraced cryptocurrency to maintain its position as one of the world’s leading financial centers.
Bloomberg reported that the city plans to start a licensing mechanism for any interested crypto companies in March. According to sources, the license authorizes these platforms to provide retail trading to the general public.
For now, specifics about the city’s cryptocurrency intentions are still on mid stage. However sources have stated that authorities will allow the trade of major currencies like Ethereum and Bitcoin without favoring anyone in particular. Specifics will be provided when the government completes its public consultation on the subject.
Last week, the Director of Licensing at Hong Kong’s Securities and Futures Commission (SFC) hinted that retail trading might return to the city, contradicting the government’s apparent hardline attitude on crypto.
Wong, who also leads the SFC’s fintech branch, stated at an event that the city government was considering a crypto regulatory law. She also stated that it may allow interested parties to “directly invest in virtual assets.”
The Hong Kong crypto community anticipates additional information from the government during a fintech conference on Monday. In addition to retail trading, the community anticipates details on the aim of transforming Hong Kong into a significant crypto center.
Among several other things, the authorities will most likely impose criteria for crypto assets to be listed on exchanges. According to sources, the criteria include market value, liquidity, and link to third-party crypto indices. The concept of a crypto hub may encourage officials to make the standards easy to expand to attract the necessary level of attention.