Neil Tan discussed Hong Kong’s crypto adoption plan & noted that it will bring huge numbers of opportunities in China’s special administrative region.
Hong Kong is a city and special administrative region of China on the eastern Pearl River Delta in South China. In China, crypto trading or any kind of related crypto activity is fully prohibited. But under the jurisdiction of Hong Kong, people/companies with portfolios of at least HK$8 million ($1 million) can invest in cryptocurrencies. On 1 June 2023, Hong Kong will welcome its licensing regime for crypto exchanges and crypto proponents believe that it will include a green signal for retail crypto traders in Hong Kong.
Recently the FinTech Association of Hong Kong chairman Neil Tan appeared in an interview with Cointelegraph news media and there he explained how Hong Kong is exploring the opportunities with crypto adoption, opposite of America.
Neil noted that American regulators seem to want a ban on retail crypto trading but here Hong Kong is moving toward the legalisation of retail trading as a natural progression.
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The FinTech Association of Hong Kong Chairman also confirmed that Hong Kong is getting huge support from Chinese bodies ahead of crypto adoption plans to recognize the opportunities in the region.
Further, he explained that there is a big unemployment rate in China and also there are huge numbers of talented people, so after Hong Kong’s crypto regulation framework those talents will come & participate in the digital innovations.
“People are adopting (crypto) inside of their portfolios. Whether you’re talking about the retail side, high net worth or institutional investors, everyone’s looking at their portfolios and trying to get that type of exposure,” Neil said.
Since Jan 2022, Chinese companies are fully restricted to do business linked with cryptocurrencies. China banned cryptocurrencies to keep cryptocurrencies’ influence away from its CBDC (e-CNY) pilot program but the People Bank of China (PBoC) stated that Crypto blanket ban decision was a part to keep the negative environmental impact of crypto mining away from the country.
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FinTech Association of Hong Kong chair says crypto will solve the unemployment issue
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