The government of Hong Kong confirmed that it is now ready to welcome the crypto & blockchain sector under highly precise regulatory policies.
Hong Kong is officially the Hong Kong Special Administrative Region of the People’s Republic of China. More likely to China, the Hong Kong government showed strict stances over the crypto space because of the increasing activities of the bad actors. At present, retail crypto investments are not allowed in Hong Kong but opposite of it Crypto is fully prohibited to use in China.
On 31 October, The government of Hong Kong released its statement on crypto adoption and confirmed that the government opened its arm to allow the circulation of cryptocurrencies & use of blockchain Technology.
The issued statements noted that the government is working on the development of virtual assets in the Special Administrative Region (SAR), to bring better regulation to the crypto sector where crypto companies will get better authority to provide expanded services.
The chief executive officer of FTX exchange, Sam Bankman-Fried (SBF), noted the efforts of Hong Kong. SBF said that policymakers are working on the crypto regulation framework & new policies.
Crypto billionaires appreciate such efforts which may bring optimistic rules & regulations in favor of the crypto sector.
Earlier this, On 17 October, the South China Morning Post reported confirmed that the Securities and Futures Commission (SFC) agency was working on the development of new policies to bring crypto investment for retail customers. However, the report doesn’t cover huge but reportedly statement of Elizabeth Wong, the head of the fintech unit at the SFC, confirmed that they are working on new policies which also include the approval for small investors to invest in crypto assets.