Hong Kong has proposed several laws that will allow retail investors to trade large volumes of tokens, especially on licensed exchanges

Hong Kong wants to become a crypto hub.

Hong Kong has proposed several laws that will allow retail investors to trade large volumes of tokens, especially on licensed exchanges.

The US government continues to rein in the crypto sector with numerous regulations. At the same time, new places are also emerging that want to center the virtual asset industry. Recently, Hong Kong has proposed several laws that will allow retail investors to trade large volumes of tokens, especially on licensed exchanges.

The relevant city commission does not specify which companies will be granted a permit, but a spokesperson from the regulatory authority points out that the tokens that will be allowed will probably be Bitcoin and Ethereum, the first two of the largest digital assets by market value. It hasn't been long since China's crackdown on crypto trading. Since then, the country's Web3 startups have decided to abandon their domestic Sundays and then turned their focus abroad.

In addition, new bases have been established in places such as Singapore and October. Normally, all of its developers in China continue to benefit from the group, which consists of the country's affordable technology capabilities. Thus, things can be easily controlled in every region. Due to all this, Hong Kong is trying to create a more relaxed regulatory environment for cryptocurrencies. If these are implemented, some of the China-based Web3 companies may return. China's crackdown on crypto trading, the flurry of bankruptcies and layoffs that have rocked the global crypto industry are not overlooked. When these are taken into account, it also makes it clear that it wants to become a cryptocurrency center.

Hong Kong, a historical financial center, could be a good laboratory center for China's politicians to test the potential of the country's blockchain. Finally, we should add that the proposal put forward by Hong Kong requires that virtual currency exchanges serving investors in the city obtain licenses. Central crypto exchanges have to ban Hong Kong IP addresses until they receive permits to operate in the territory. The new regulations will enter into force on June 1. #hongkongweb3 #hongkongnarrative #BTC #crypto2023 #Binance

Hong Kong City continues to press ahead with Web3 and crypto adoption efforts, despite market volatility and regulatory crackdowns elsewhere, Hong Kong Finance Secretary Paul Chan has confirmed.

In a blog post published on the Finance Secretary's official website on Sunday, Chan said Web3 - described as "the third generation digital economy and internet" - has been identified as one of the top three areas of focus for the promotion of high quality development in Hong Kong.

The senior Hong Kong city official said he remains optimistic about the future of Web3. He added that now is the time to promote the development of Web3 and compared it to the rise of the Internet in the early 2000s.

The blog post also reiterated the government's commitment to allocate HK$50 million (US$6.4 million) in funding to accelerate the development of the Web3 ecosystem in Hong Kong through an incubator. government run known as Cyberport

To ensure that the crypto industry develops in a sustainable and responsible manner, Hong Kong plans to adopt a strategy of "proper supervision" and "promotion of development". Both of these strategies will aim to prevent systemic risk, bolster anti-money laundering (AML) efforts and provide investor education, Chan explained.

The city's efforts to attract crypto companies have received an unexpected boost from the US government which is currently waging a harsh crackdown on the crypto sector in the United States. Hong Kong is now competing with Dubai and Singapore to become one of the most attractive locations for crypto companies.

#Binance #crypto2023 #hongkongweb3 #hongkongnarrative #BTC

Hong Kong's effort to become a cryptocurrency center has begun to offer various opportunities not only for cryptocurrency companies, but also for many state-linked banks in China. Despite the general ban on cryptocurrency-related activities in China, China-based banks are showing great interest in partnering with regulated cryptocurrency companies in Hong Kong and adding them to their structures.

According to a report published in the Wall Street Journal, the Hong Kong branch of Bank of Communications, one of China's major state-owned banks, is planning to cooperate with several cryptocurrency enterprises registered in the city.

Besides the Bank of Communications, China's popular internet insurance company ZhongAn Online P&C Insurance Co. ZA Bank, the largest virtual bank in Hong Kong controlled by, is planned to act as a pay-per-view bank for cryptocurrency companies. Banks are making it easier to deposit and withdraw fiat currencies.

Cryptocurrency companies are starting to get China's support

In addition to providing account services to cryptocurrency businesses, these banks are serving as pay banks that will allow token deposits to be withdrawn in Hong Kong dollars, Chinese yuan and US dollars on authorized exchanges.

At the beginning of the year, Hong Kong Financial Secretary Paul Chan made it clear that the city is trying to cooperate with more cryptocurrency firms in 2023.

As a result of the state's innovative cryptocurrency approach, about 80 cryptocurrency companies have shown interest in opening or expanding businesses in the city. The government's cryptocurrency incentives are gaining surprising allies such as Chinese banks and funds.

You may be interested in: Chinese state-owned company launches crypto funds in Hong Kong

in addition to adding cryptocurrency companies to its structure and opening bank accounts for regulated companies, Chinese government-backed CPIC Investment Management has launched two cryptocurrency funds. The newly launched cryptocurrency funds of CPIC, the second largest insurance company in central China, are focused on institutional investors.

China's growing interest in cryptocurrency through Hong Kong continues to surprise many in the cryptocurrency ecosystem, despite the fact that China has taken multiple strict measures against cryptocurrency-related activities in its center. #hongkongweb3 #hongkongnarrative #BTC #crypto2023 #cryptocurrency