Hong Kong will proceed pushing forward with the event of the Internet 3.0 business because it goals to change into a regional hub for the nascent business regardless of the collection of collapses of crypto exchanges, mentioned Paul Chan, the town’s monetary secretary, on Monday.
See associated article: Hong Kong lawmaker says e-HKD has potential to be a stablecoin
Quick details
- Chan mentioned at a Web3 occasion in Hong Kong that previously two months, many high expertise companies and startups have contacted the federal government to debate establishing worldwide headquarters or increasing their companies within the metropolis, however he didn’t give any names.
- “Now we have not too long ago accomplished the legislative work for licensing digital asset service suppliers and the brand new measure will come into impact in June,” Chan mentioned, including that beneath the brand new regime, the necessities for exchanges to fight cash laundering and implement investor safety will come according to the requirements for conventional monetary establishments.
- Hong Kong can be internet hosting plenty of pilot initiatives, together with people who study the cross-border use of the e-HKD, the town’s central financial institution digital forex, and the tokenization of government-issued inexperienced bonds, Chan added.
- Chan’s assertion got here after the Legislative Council of Hong Kong final month handed an modification to the invoice that features a licensing regime for digital asset service suppliers, which can come into impact on June 1.
- Additionally final month, two exchange-traded funds monitoring cryptocurrency futures debuted on the Hong Kong Inventory Change.
- After China banned crypto transactions on the Chinese language mainland in September 2021, Hong Kong in October 2022 launched a collection of coverage paperwork about crypto and blockchain, asserting its makes an attempt to reposition the town as a regional crypto business hub.
See associated article: Hong Kong monetary service suppliers gear up for retail crypto merchants
