Hong Kong to step in as ‘options are dwindling’ globally — FinTech chair
Crypto-friendly Hong Kong is still gung-ho about giving its citizens access to crypto trading despite other jurisdictions “taking a step back,” claims the chair of the FinTech Association of Hong Kong (FTAHK).
Speaking to Cointelegraph at the Hong Kong WOW Summit in March, FTAHK chair Neil Tan said while Singapore and the United States are seemingly stepping back from permitting crypto retail trading, “Hong Kong is stepping forward.”
On June 1, a licensing regime for crypto exchanges will come into effect and Tan said it’s “going to also include retail.” The licensing guidelines are expected to be released sometime in May.
In February, the region’s securities regulator proposed allowing retail traders access licensed crypto platforms in its licensing regime proposals for Virtual Asset Service Providers (VASPs).
It noted that denying access could push traders to unregulated overseas platforms. Currently, these platforms can only serve accredited professional investors.
In January, Securities and Futures Commission (SFC) CEO Julia Leung Fung-yee said retail traders would be limited to “highly-liquid” digital assets but did not give any further explanation.
Along with providing what many consider to be an attractive legal framework for crypto, Hong Kong is also focusing efforts on attracting talent and infrastructure providers — what Tan called “the back end.”
Related: China’s crypto stance unchanged by moves in Hong Kong, says exec
He added both the Chinese and Hong Kong governments recognize the opportunities in the region and are taking action to try to support inbound talent.
“There's a lot of talent across the border and right now there's a fair amount of unemployment,” Tan said on China. “There's a lot of talent
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