Hong Kong authorities announce plans to legalize cryptocurrencies
The government also plans to adopt new technologies such as NFTs and the metaverse
21.10.2022 - 15:05
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What’s new? Hong Kong intends to change its approach to crypto regulation so that it is different from the outright ban on cryptocurrencies in mainland China. According to Elizabeth Wong, head of the fintech unit of the Securities and Futures Commission (SFC), the Hong Kong government is considering introducing its own bill to regulate cryptocurrencies without China. One of the SFC's initiatives is to allow retail investors to “directly invest into virtual assets,” Wong said during a discussion hosted by InvestHK. This was reported by the South China Morning Post newspaper.
Information on the South China Morning Post website
What else does Wong say? The initiative marks a significant shift from the SFC's position over the past four years, which has restricted trading in cryptocurrencies on centralized exchanges to professional investors, Wong said. Professional investors include those with a portfolio worth at least $1 million, which is about 7% of the city's population as of September 2021.
Wong stressed that the crypto industry has become more regulated over the past four years. She also mentioned several other legislative initiatives aimed at developing the crypto ecosystem in Hong Kong. One of them allows service providers to sell certain derivatives related to cryptocurrencies. The SFC is considering allowing retail investors to invest in exchange-traded funds linked to cryptocurrencies.
The city's authorities also plan to embrace new technologies, such as non-fungible tokens (NFTs) and the metaverse, and turn Hong Kong into an “international virtual asset center.” The Hong Kong University of Science and Technology announced the creation of the new MetaHKUST campus, which will be presented in a virtual metaverse format.
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