- Hong Kong is ready to implement a brand new licensing system for digital asset suppliers.
- It goals to manage the digital asset trade and shield traders comprehensively.
- Hong Kong rules emphasize the everyday “one nation, two methods”.
At an government dinner in Bangkok, Liang Fengyi, CEO of the China Securities Regulatory Fee (CSRC), introduced that Hong Kong’s new licensing system for digital asset service suppliers will likely be applied this month- this.
The regulatory framework goals to comprehensively cowl all features of digital property, making certain investor safety whereas addressing the dangers confronted by monetary establishments.
Collin Wu, a number one Chinese language report, introduced the event to the crypto neighborhood.
Throughout his speech, Liang Fengyi acknowledged the challenges confronted by the crypto market over the previous yr, together with the failure and chapter of a number of digital asset-related firms, together with FTX and Celsius.
Liang burdened the significance of integrating digital asset service suppliers into the regulatory system to revive belief and foster innovation. She famous that jurisdictions that had beforehand embraced crypto started to strengthen their oversight via enforcement and regulatory measures.
In distinction, Hong Kong’s strategy to digital asset regulation has remained clear, constant and predictable.
Underscoring the distinctive “one nation, two methods” framework, Liang mentioned Hong Kong’s new licensing system demonstrates the area’s dedication to its regulatory path. As crypto transactions stay prohibited in mainland China, Hong Kong goals to strike a steadiness between embracing new applied sciences and making certain a managed and safe atmosphere.
Liang clarified that whereas Hong Kong doesn’t aspire to turn into a crypto buying and selling hub, he acknowledges the significance of crypto buying and selling throughout the broader digital asset ecosystem.
The brand new licensing system welcomes the applying of associated applied sciences to monetary companies, similar to bond tokenization and funding funds.
As well as, Liang acknowledged that Hong Kong continues to be within the early phases of constructing a digital asset ecosystem, however expressed perception that the presence of the digital asset fintech neighborhood in Hong Kong will speed up its improvement.
