Hong Kong Financial Secretary Stresses the City’s Pro-Crypto Credentials
Hong Kong’s financial secretary Paul Chan restated the city’s preparedness to shape the region’s crypto industry. In his January 9 address at the Web3 conference in Cyberport, Chain portrayed Hong Kong as the preferred destination for fintech and crypto that startups should consider setting up operations.
Confidence in Hong Kong’s Pro-Crypto Credentials
The financial secretary exuded confidence in the crypto industry, triumphing over the current upheaval whose victims list is endless since the FTX implosion in early November. Chan assured the Web3 forum audience of Hong Kong’s commitment to establishing the regional crypto hub. He echoed the city’s ambition expressed during a similar address in October to affirm the devotion to making Hong Kong attractive to new startups worldwide.
While FTX’s downfall turned calamitous by aggravating the crypto market meltdown, Chan noted that Hong Kong is poised to expedite the recovery. He noted Hong Kong’s priority is plugging the crypto credentials when rival Singapore seems to backtrack amidst the serious derailment from Sam Bankman’s empire collapse.
Crypto Firms Express Confidence to Re-enter Hong Kong
Explaining the city’s policy statement, Chan acknowledged the goodwill portrayed by leading tech firms and crypto startups expanding and establishing headquarters within Hong Kong. Although he observed the anonymity of firms expanding to Hong Kong, Chan restated the city’s stance on inculcating quality, transparency, and integrity for digital asset corporates.
Regretting the stream of crypto exchanges that collapsed, he illustrated that Hong Kong’s robust regulatory framework is comparable to the international standards prohibiting free riders.
Chan highlighted Hong Kong’s preparedness to kickstart new license issuance targeting crypto asset traders. In addition, the city is set to assemble crypto platforms consultation and retail participation as indicated by Joseph Chan – Hong Kong’s Under Secretary for Financial Services and Treasury.
Lifting the Strict Post-Covid 19 Restrictions
The administrative leaders’ remarks at the Cyberport event portray Hong Kong’s attempts to reestablish its international stature as a leading crypto and financial hub. Such demonstrates a response to increased criticism for the prolonged use of Covid-19 restrictions. In particular, the strict restrictions chased investors and digital corporations to Singapore since it dropped its guardrails earlier.
The Monday remarks at the Web3 forum coincide with the reopening of Hong Kong’s border allowing thousands to cross from China without imposing the strict quarantine requirements. Opening the borders is fuelling hopes of Hong Kong’s revived economy and active cross-border financial and crypto interaction.
The crypto community expressed the need to interpret Hong Kong’s stance cautiously. In particular, the majority speculated that Hong Kong could replicate Beijing’s stance to ban crypto activity. They consider that Hong Kong could embrace Beijing’s stance given the extension of tentacles to control the city’s financial hub.
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