Hong Kong wants to become crypto hub despite industry crisis
1 min read
The government of Hong Kong remains committed to the development of cryptocurrency infrastructure despite the ongoing industry crisis triggered by the FTX collapse.
According to Hong Kong’s financial secretary Paul Chan, the local government and regulators are open to collaboration with crypto and fintech startups in 2023.
Speaking at an event hosted by the state-run incubator Cyberport, Chan declared that Hong Kong has become a foundation connecting high quality virtual asset firms, the public broadcasting service Radio Television Hong Kong (RTHK)
Hong Kong has been gradually reaffirming its pro-crypto stance over the past year, becoming the most crypto-ready country in 2022.
In mid-December, Hong Kong launched its first two exchange-traded funds (ETF) for cryptocurrency futures, which raised over $70 million ahead of debut. The event came soon after the head of Hong Kong’s Securities and Futures Commission announced in October that Hong Kong is willing to distinguish its crypto regulation approach from the Chinese crypto ban enforced in 2021.
