- Bloomberg reports that the Monetary Authority and Securities and Futures Commission will hold a meeting to help in easing financing for crypto firms in Hong Kong, come April.
- Hong Kong might set the pathway for crypto adoption in other regions in China, key players assert.
Hong Kong remains committed to its mission of becoming a crypto hub. The region has continued to make plans to create crypto-friendly policies for users and crypto firms in the region.
According to a recent report from Bloomberg, regulatory bodies in Hong Kong are hosting a meeting that will involve crypto firms in the region and bankers. The meeting is intended to bring about the easing of financing for the crypto sector. The move is one of many made to help the country achieve its goal of becoming a hub for digital currencies.
The round-table meeting will kick off on the 28th of April, at the Hong Kong Monetary Authority. Direct dialog facilitation will be carried out during the meeting. Practical experiences and perspectives in opening and maintaining bank accounts will also be shared.
The round-table session will be held by Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC). The two organizations are currently the main regulators supervising stablecoins and crypto exchanges in the region.
The new development is coming after Hong Kong previously revealed plans to implement new crypto guidelines. The guidelines will make it essential for crypto trading platforms to be licensed by the Securities and Futures Commission (SFC) in June. The SFC has also begun consultation on its proposal to regulate crypto trading platforms in the region.
Key figures are confident that Hong Kong could set the tone for policy formulation across the Asian region
Some crypto companies operating in the region have spoken on Hong Kong’s stance on crypto. Justin d’Anethan, the institutional sales director at Amber Group made some notable comments regarding the developments in Hong Kong.
d’Anethan said that China might have its gaze fixed on the impact that Hong Kong’s rules will bring about. He cites a potential upsurge in trading and business activists as one of the progress that could be recorded. Justin d’Anethan told CNBC;
If anything, China might be looking at the effect on Hong Kong following those rules, the issuance of new crypto-linked products or blockchain-based solutions, and the pick-up of trading and business activity that might ensue,
Deng Chao, the CEO of institutional asset manager Hashkey Capital also made similar remarks. Chao said that Hong Kong might set the pace for policy creation in other regions in China if it succeeds with its plans.
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In the future, it may serve as a model for policy formulation in other regions [in China]if it proves successful.
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