Hong Kong Regulators Plan To Review Crypto Requirements: Here’s Why
Christopher Hui, the Secretary for Financial Services and the Treasury of Hong Kong stated on July 3 that Hong Kong regulators would closely monitor market developments following several global crypto exchanges’ withdrawal of license applications.
Hui provided insights into the regulatory stance on cryptocurrencies amid recent developments by disclosing that Hong Kong’s regulatory bodies, including the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), would closely monitor market trends regarding virtual assets (VAs).
HONG KONG TO REVIEW CRYPTO REGULATIONS
In response to a lawmaker's question, Christopher Hui, Secretary for Financial Services and the Treasury, said the Hong Kong Monetary Authority and the Securities and Futures Commission will monitor market developments and adjust… pic.twitter.com/j9jF55Y9lY
— Crypto Town Hall (@Crypto_TownHall) July 3, 2024
The statement was made in response to lawmakers’ inquiries about potential revisions to crypto licensing requirements following the withdrawal of license applications by major global exchanges.
Hui said that licensed corporations and registered institutions can distribute crypto-related products without modifying their licensing conditions as long as they inform Hong Kong regulators.
The context of Hui’s comments lies in implementing the New Capital Investment Entrant Scheme (New CIES), which was introduced on March 1 to attract foreign investments and talent to Hong Kong.
Since its inception, the New CIES has received over 300 applications, with approvals granted for net asset assessments and investment requirements.
To qualify for the New CIES, applicants must have had at least HK$30 million in net assets or equity for the two years
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