According to some reports, Hong Kong’s recent shift towards becoming a crypto hub was made with Beijing’s subtle blessing.
Key TakeawaysHong Kong is preparing to become a crypto-hub.
The Chinese government is showing subtle approval for the plan.
Yesterday, a Hong Kong regulatory body set out conditions that retail investors would be permitted to buy cryptocurrencies.
Share this article China is trying to get back into crypto by allowing Hong Kong to open its doors to the market. Although Beijing isn’t close to making crypto legal in China, the report shows that Beijing has shown a willingness to allow Hong Kong to develop its crypto industry. Officials are said to have been exchanging business cards and contact information with crypto industry leaders in a friendly way, even going so far that they made follow-up calls about projects. The explicit endorsements of the Chinese government are another way that the Chinese government has expressed its approval. Yi Gang, the governor of People’s Bank of China, recently spoke out on China’s central bank’s digital currency and the government’s close collaboration with Hong Kong at key Hong Kong events. “As long one doesn’t violate China’s bottom-line, and to not threaten China’s financial stability, Hong Kong is free explore its own pursuit of ‘One Country, Two Systems,’ said Nick Chan, a member of National People’s Congress. Yesterday, the Securities and Futures Commission in Hong Kong proposed in a consultation paper that retail investors be able to trade large-cap cryptocurrency on licensed exchanges, provided they satisfy several requirements. Exchanges would need to implement knowledge tests, risk profiles, as well as reasonable limits on the allowable exposure, in order to obtain such licenses. Disclaimer: The author of this article owned BTC, ETH, as well as several other crypto assets, at the time of writing. However, Decentral Media, Inc. does not warrant the timeliness, completeness, accuracy, or currency of any information accessed through this site. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News