Hong Kong softened the regulation of the crypto industry and revised the position on bitcoin -etf
The Bureau of Financial Services and the Treasury of Hong Kong published an application for mitigating restrictions on cryptocurrencies and willingness to interact with virtual assets service suppliers (VASP).
According to the document Musk Boosts Dogecoin , the administrative district of the PRC invites VASP to cooperation. Now the city authorities are discussing a new licensing regime for suppliers of virtual assets services.
The regulator noted that Hong Kong is also open for exchange funds (ETF) based on cryptocurrencies, and promised to provide appropriate regulatory mechanisms and protection of investors.
“The Securities Commission and Futures of Hong Kong (SFC) are actively developing the rules for issuing ETF licenses, which provide access to popular virtual assets,” said Julia Lung, Deputy Head of SFC.
According to her, the commission considers it necessary to regulate tokenized securities similarly to existing financial instruments. SFC no longer classifies them as complex products due to release on the blockchain.
The document also mentions the study of pilot projects for the release of NFT, the tokenization of green bonds and the launch of a digital Hong Kong dollar.
“We recognize the potential of blockchain and web3 as future finance and trade. With proper regulation, they can increase efficiency and transparency. The government is ready to accept this future. We welcome the community of Fintech and virtual assets in Hong Kong, ”said Christopher Jui, secretary of the Bureau of Financial Services and Treasury.
Earlier, the media reported about SFC to allow retail investors to directly invest in cryptocurrencies. Now only professionals with a portfolio of $ 1 million have such an opportunity.
Recall that the former CEO Bitmex Arthur Hayes spoke about China’s plans to return to crypto industry with Hong Kong.
He considers Peking’s strategy to weaken his position against digital assets part of the Peking Strategy Policy. According to Hayes, the next bull market will begin with the return of China to the cryptocurrency market.
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