OSL Group Chief Financial Officer Hu Zhenbang recently revealed in a recent interview that Hong Kong may introduce a licensing system for cryptocurrency "money changers" in the short term. In addition, the SAR government has introduced various regulatory measures, including anti-money laundering and anti-hacking, and has taken the initiative to promote market standardization and actively explored relevant policy formulation solutions, which has made Hong Kong's advantages in the development of the virtual asset market more and more obvious. Hu Zhenbang said that after the licensing system takes effect, the account opening process alone, including identity authentication, will be strictly regulated, and in recent years the SAR government has been very positive about the development of virtual assets, with new policies almost every quarter to promote market development. The characteristics of Hong Kong's virtual asset licenses also expand the advantages of the entire market. He is optimistic that Hong Kong will become the leader of the Asian virtual asset market, and said that security tokens (STO) may become the mainstream fundraising model in Hong Kong.
While the Hong Kong government embraces the Web3 world, it is also accelerating the clarity of cryptocurrency regulation. In addition to the virtual asset trading platform licensing system that was launched last year, in February this year, Bloomberg stated that the Hong Kong government is planning to establish comprehensive regulatory regulations for over-the-counter (OTC) cryptocurrency transactions, and plans to establish a licensing system under the customs department, forcing OTC traders to implement KYC identity verification to combat illegal cryptocurrency transactions.
Hong Kong is about to launch an OTC licensing system
After the Hong Kong government's public consultation on the OTC licensing system ended in April, OSL Group CFO Hu Zhenbang, a licensed exchange, revealed in an exclusive interview with Ta Kung Pao on the 19th that Hong Kong may introduce a licensing system for cryptocurrency OTC dealers (usually operated as "money changers" in Hong Kong) in the short term. In addition, the Hong Kong government plans to introduce different regulatory measures, including anti-money laundering and prevention of hackers, taking the initiative to promote market standardization and actively exploring virtual asset policy formulation, which makes Hong Kong's advantages in developing the virtual asset market more and more obvious.
Hong Kong has the potential to become Asia’s leading cryptocurrency market
Hu Zhenbang said that Hong Kong has great advantages in developing the virtual asset market, including low tax rates, no capital gains tax on cryptocurrency investments in Hong Kong, clear legal systems, and perfect investor protection. In addition, Hong Kong is also a key center for international financing, gathering financial elites from various countries. With the backing of China, it has sufficient conditions in terms of talent, resources and policies to develop into the leader of the Asian virtual asset market. He also pointed out that the characteristics of Hong Kong's virtual asset licenses also expand the advantages of the Hong Kong market. At present, Hong Kong's virtual asset licenses can provide trading of cryptocurrencies and security tokens (STOs) at the same time, which is more convenient than Singapore and the United States. Most licenses in other countries and regions can only provide one of the services, not both. This is also a major advantage for Hong Kong to develop STOs.
STO may become one of the mainstream fundraising models in Hong Kong
Hu Zhenbang also expressed his optimism about the development potential of STO in Hong Kong during the interview. "Hong Kong has a special advantage in expanding the STO market. Hong Kong's backing to the mainland has made it very attractive to international funds. If STO can mature, it may become one of the mainstream fundraising models in the future." He pointed out that in addition to traditional mainstream fundraising methods such as issuing bonds and issuing new shares for listing, issuing security tokens (STO) in Hong Kong to raise funds has become another new option for companies. It can also increase the transparency of fundraising and automate the process, thereby reducing costs and reducing the risk of errors. "Raising funds through STO, the ownership of assets will be automatically recorded and saved on the blockchain in a permanent, secure and transparent manner, recording all past transaction records, as well as past and present asset ownership, greatly increasing transparency and accountability. Moreover, the entire fundraising process can be automated, thereby reducing costs and the risk of errors. The scope of STO-related projects can be very wide. Hong Kong has a large number of relevant talents. If it actively develops the STO market in the future, its development in the virtual asset market will surpass many countries and regions."
Chinese banks become more positive about cryptocurrency business
In the interview, Hu Zhenbang continued to show his confidence in the virtual asset market in Hong Kong. He also pointed out the open attitude of Chinese banks towards cryptocurrency business as an example. He explained that in the past, due to the frequent incidents of "money laundering" in cryptocurrency, some institutional investors in cryptocurrency faced difficulties in opening bank accounts in many countries. For example, many large banks in Japan refused to allow these funds to open accounts, but Hong Kong banks were relatively open to this. Hong Kong banks are open-minded, and many Chinese banks welcome these institutions specializing in virtual asset investment to open accounts.
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