Hong Kong’s Finance Regulator Calls for 'a More Solid Footing' for Crypto

HONG KONG – Christopher Hui first heard of crypto from some friends who were running investment funds and investing in virtual assets. Now, as secretary for Financial Services and the Treasury of Hong Kong , he’s developing policy direction for the sector.

Hui’s stature and his appearance at Hong Kong FinTech Week panels speaking on crypto give clear signals that Hong Kong’s regulators view it as part of the city’s economic future. He said that he’s most excited about the tokenization of green bonds, which makes what can be a cumbersome process of issuance and investment far more streamlined.

“We’re able to bring together investments globally,” Hui said. “We can manage and also channel these investments in a well-regulated and also sustainable manner.” Asked whether Beijing had given any reassurances to the regulator on cryptocurrencies specifically, Hui said, “it is more business as usual because after all we are operating one country, two systems. We have our own regulatory systems, we have our own legal systems.”

With the incoming VASP regime and consultations, Hui said that the “blocks are ready” to build the ecosystem. “We are more definitely clear in terms of where we stand,” he said, calling it a “more solid footing.”At the opening of Fintech Week, Hong Kong announced that it was attempting to come back again as a crypto hub. The regulator said that it was open to discussing a crypto futures exchange-traded fund , and allowing licensed exchanges to serve retail users.

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lavender_au If anyone can launch a city's crypto system then it's Hong Kong

lavender_au Cool news! HK is leading the way in DeFi by making the blocks ready to enable trustless tech. Can't wait to HODL and see what's next for the city's crypto ecosystem! PlusToken

lavender_au That's great news

lavender_au Whilst America gets left behind, with backward thinking senators and the SEC ,

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