Hong Kong’s Re-Endorsement of Crypto Hub Vow
Hong Kong did the honors of hosting the latest web3 summit in the famous business park of Hong Kong namely “Cyberport” on Monday.
The summit was attended by delegations that had come from all over the world. Even the Financial Secretary of Hong Kong namely ‘Paul Chan Mo-po’ also attended the event and addressed the audience.
At the summit, Mo-po re-endorsed Hong Kong’s commitment that Hong Kong would transform itself into a regional hub for the digital asset industry.
He clarified that the committee had neither been forgotten nor crypto market conditions had retracted Hong Kong’s efforts towards the promised goal.
Mo-po then talked about local crypto trading platforms and claimed that the Government had been receiving requests from such platforms.
They want to expand their services and want to target the locals in Hong Kong but want to do it in the most regulated manner.
They are all unanimous when it comes to achieving the ultimate goal of what Hong Kong had wanted their region to become for cryptocurrencies.
Hong Kong as Global Headquarter For Crypto
He claimed that it is the wish of crypto platforms that Hong Kong should become the global headquarter of the crypto industry. He then said the requests are under consideration and will be considered seriously.
Mo-po emphasized that the unfortunate failures of a few corporates in the crypto industry have again proven Hong Kong’s standpoint. He said that Hong Kong is tailor-made for becoming the epicenter for crypto corporates.
He said that Hong Kong’s regulatory framework is ideal for crypto corporates. He pointed out that the framework has been designed in a manner that matches international communities’ standards and norms.
They want to make sure that the platform they provide the crypto firms and projects is in line and accordance with other countries.
This way, the firms from other countries will find it easier to become part of their system and expand their businesses in their jurisdictions.
The epicenter of Advanced Technologies
In his concluding remarks, Mo-PO said that Hong Kong had evolved enormously over time and the evolution has allowed it to embrace advanced technologies.
Mo-po’s remarks were also endorsed by the Hong Kong Treasury’s under-secretary, Joseph Chan in the same event.
Chan pointed out that there is a huge number of crypto trading platforms in Hong Kong that are awaiting the issuance of licenses. He revealed that the due licenses have been prepared and would soon be granted to them.
It was also pointed out by Chan that there is a vast number of global crypto firms which have been showing interest in expanding their operations in Hong Kong.
Chan said that these firms have also been requested the Hong Kong Government to enlist itself as a ‘regional market’.
He further said that talks have been going on with crypto platforms at the government level for exploring the possibility of ‘retail participation’.
Foundation of Virtual Asset Industry’s Corporates
He opined that Hong Kong is now a foundation where top-notch corporates from the virtual asset industry come and connect with the local network.
It is a fact that after the collapse of FTX, the entire crypto industry has been pushed back massively.
However, FTX’s demise was not the last. It turned out that there were other major, and globally popular, corporates that were forced into invoking bankruptcy protection.
Despite these odd realities, it is quite shocking that Hong Kong still wants to embark on its journey of becoming the regional crypto hub.
This is also contrary to the fact that Hong Kong’s Securities & Exchange Commission had recently warned local crypto trading platforms quite harshly.
The Commission even warned investors to be cautious while engaging with digital currencies and assets.
It said that such assets pose high risks which have the potential of jeopardizing earnings, investments, deposits as well as savings.