Hong Kong’s Crypto-Friendly Plans Get Mixed Reviews From Billionaires And Industry Players

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Hong Kong said that it would adopt a welcoming approach to digital assets on Monday as it seeks to regain its status as a global cryptocurrency hub, but the message received a mixed reaction from industry players, including billionaire Sam Bankman-Fried.

Bankman Fried, however, argued strongly that a regulatory regime which restricts access to crypto products based on wealth is ill conceived and fails to serve its intended purpose. “I think wealth-based tests are [expletive], I think they’re really bad. I mean, bad for the world,” he said.

The government said it will also review property rights for tokenized assets and the legality of smart contracts. Tokenized assets are digital tokens on a blockchain that represent the ownership of assets, such as real estate or bonds. Meanwhile, smart contracts are computer programs running on a blockchain that self-execute when certain conditions are met.

 

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*china Hong Kong doesn’t exist anymore

China has been trying to corner the cryptocurrency market. A unique reaction would be to sell them all of it then shut it down. tt:lizpeek berthacoombs

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