Daily Crypto News

Hong Kong to Clarify Crypto Position During FinTech Week

Source: the Hong Kong Monetary Authority

The authorities of China’s Hong Kong Special Administrative Region are expected to present a policy statement on the development of the city’s digital assets market at the forthcoming Hong Kong Fintech Week event. 

“The policy statement will make our policy stance on virtual assets clear to the global markets. It will also demonstrate our commitment and determination to explore financial innovations together with the global virtual-assets community,” Hong Kong Secretary for Financial Services and the Treasury Christoper Hui Ching-yu told local paper China Daily.

The conference is scheduled to be held between October 31 and November 1, hosting a number of debates between local government officials, executives, and industry observers, as indicated by the event’s agenda

The conference is expected to accommodate more than 500 representatives of financial institutions from across the world, and more than 200 speakers from China and overseas, according to Hui. 

The latest announcement comes as cryptocurrency investors are increasingly worried about Hong Kong’s regulatory ambiguity on crypto. The city’s lawmakers are advancing plans to require licensing for crypto trading platforms through an amendment to Hong Kong’s anti-money laundering legislation. Such a change would require companies to offer such services exclusively to professional investors with a portfolio of at least HK$8 million (US$1 million). Should it go through, the decision could discourage numerous crypto investors from carrying out their business in Hong Kong.

Read More: Hong Kong to Clarify Crypto Position During FinTech Week

Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.