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Hong Kong to Clarify Crypto Position During FinTech Week

Hong Kong to Clarify Crypto Position During FinTech Week

Hong Kong to Clarify Crypto Position During FinTech Week

The authorities of China’s Hong Kong SAR are expected to deliver a policy statement on the development of the city’s digital asset market at the upcoming Hong Kong Fintech Week event. “The policy statement will clarify our political position on virtual assets. to global markets.

It will also demonstrate our commitment and determination to explore financial innovation together with the global virtual asset community,” Hong Kong Minister of Finance and Financial Services Christopher Hui Ching-yu told local newspaper China Daily, told local newspaper China Daily.

The conference is scheduled to take place between October 31 and November 1 and will host a series of discussions between local government officials, business leaders and industry observers as indicated in the event’s agenda.

According to Hui, more than 500 representatives from financial institutions from around the world and more than 200 speakers from China and abroad will attend. The latest announcement comes as crypto investors are increasingly concerned about Hong Kong’s regulatory ambiguity surrounding cryptocurrencies.

City lawmakers are pushing ahead with plans to require licenses for cryptocurrency trading platforms through an amendment to Hong Kong’s anti-money laundering laws. Require companies to offer such services only to professional investors with a minimum portfolio of HK$8 million (US$1 million). If Decision is passed, it could discourage many cryptocurrency investors from doing business in Hong Kong.

 

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