Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Access the Market Tools Trusted by Thousands of Investors Get Started
Hong Kong Embraces Crypto Despite Concerns Surrounding the Industry
Published Apr 11, 2023 08:27AM ET
Hong Kong Embraces Crypto Despite Concerns Surrounding the Industry
- Hong Kong has opened up its economy to the crypto industry, despite concerns about the sector.
- The local government has planned a HK$50 million cash injection into the island city’s 2023-24 budget for web3.
- Financial Secretary Paul Chan plans to adopt a suitable strategy to promote web3’s development in Hong Kong.
Hong Kong’s commitment to crypto was recently reinforced after its Financial Secretary, Paul Chan, unveiled the government’s plan to inject HK$50 million ($6.5 million) into the island city’s 2023-24 budget in order to develop a Web3 ecosystem. The funds will be used to promote cross-sector business cooperation, organize youth workshops, etc.
While the majority of the financial hubs around the world have turned their back on crypto following a series of scandals and bankruptcies, Hong Kong has moved to embrace the nascent blockchain industry. The island city has opened up its economy to emerging technology in a bid to maintain its status as Asia’s top financial center.
According to a report by Barron’s, the Hong Kong Monetary Authority has planned a round table on April 28, 2023, to facilitate direct dialogue with the crypto industry. The move is in stark contrast to other financial centers in the region, including Singapore, which are being cautious about crypto.
Speaking on Hong Kong’s efforts to promote the crypto industry, Secretary Chan stated, “In order for Web3 to steadily take the road of innovative development, we will adopt a strategy that emphasizes both ‘proper regulation’ and promoting development.” He added that financial security, investor education, and anti-money laundering measures will have particular attention.
Kishore Bhindhi, an attorney based in Hong Kong, told Barron’s that Hong Kong’s moves are indicative of its attempt to become a market leader in the crypto space. Bhindhi believes that in the long term, the island city may be more interested in crypto’s application to traditional financial services, for instance, tokenized bonds, securities, etc.
The post Hong Kong Embraces Crypto Despite Concerns Surrounding the Industry appeared first on Coin Edition.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.