Table of contents:
“cryptocurrency Regulation In The Fragrant Harbor: Staying Informed” – Few countries, if any, have been able to handle the Covid-19 pandemic with ease, and Hong Kong is no exception. Hong Kong’s economy will shrink by 6.1% in 2020 and 1.4% in the second quarter of 2022. There will also be collateral damage as the region becomes less attractive globally for businesses and individuals in general.
In response to this downward trend, Hong Kong regulators are directing their responsibilities to transform, increase investment to promote financial innovation enabled by breakthrough technologies such as decentralized ledger technology (DLT) and Web3, and promote the adoption of cryptocurrencies. In an effort to revive its status as a financial and technology hub, the government announced its latest Virtual Assets (VA) policy statement on October 31 and presented it at Hong Kong FinTech Week 2022 (HKFTW 2022).
“cryptocurrency Regulation In The Fragrant Harbor: Staying Informed”
HKPTW is not the only event around the announcement, as the “Beyond Uncertainty” Global Financial Leaders Investment Summit is held together with HKPTW in “Hong Kong” (the city’s nickname). ).
Top Lebanon Cash Payment Restaurants Ideas In 2024
Hong Kong FinTech Week is the world’s first transnational FinTech event and will be held in Asia’s financial capital from 31 October to 4 November 2022.
On the first day of the event (which has been broadcast and can be replayed on the official YouTube account), representatives of the Hong Kong government and local financial authorities opened the event and explained the international impact and significance of the new policy in Hong Kong. future development.
Currently, Hong Kong does not have a mandatory inspection and licensing system for virtual assets. In other words, cryptocurrency investors can trade digital currencies on unlicensed exchanges such as Binance. However, next March, the government plans to implement a comprehensive regulatory framework for virtual asset service providers (VASP) to ensure asset protection, anti-money laundering and terrorism financing compliance, and appropriate technology development. . After March 2023, if the VASP regime comes into effect, only VASP authorized exchanges can provide crypto services. The industry expects that Hong Kong regulators may allow VASP-licensed exchanges to provide cryptocurrency services to retail customers in the near future, but they still have to wait for the upcoming public consultation and further announcements from the regulator.
Despite increasingly stringent regulations, the Government remains committed to creating a conducive environment for the Department of Veterans Affairs while ensuring the sustainable and responsible development of Hong Kong’s financial industry. In short, local and international financial players are invited to promote the development of the sector, provided they respect the rules that reduce financial instability and illegal activities that can harm the integration between traditional and digital markets.
Fragrance And Perfume Market Size & Trends 2023 2030
One of the first panel discussions at the event was Christopher Hui, Minister of Financial Services and Minister of Finance of Hong Kong, and Yat Siu, founder of Animoca Brands, to discuss the revolution or evolution of virtual assets in banking and finance. graduate school.
We recognize the potential for DLT and Web3.0 to be the future of finance and business, and with appropriate regulation, they promise to increase efficiency and transparency. The government is ready for this future and we welcome the integration of the fintech and veteran community and talent in Hong Kong, and promote the development of sustainable financial services in the veteran value chain.
The long-term vision set out in the statement is to complete VA, decentralized ledger technology (DLT) and Web3 technology and projects, as VA has the potential to increase transparency and efficiency in clearing, settlement and payments. This enables new financial innovations to be more cost-effective, inclusive, agile and future-proof.
We recognize that VA is here to stay as it attracts global investors and is increasingly seen as a conduit for financial innovation, not to mention the future as VA enters Web 3.0 and Metaverse opportunities.
Joel Shen On Linkedin: #blockchain #crypto #web3 #ipo #ico #indonesia
To strengthen the vulnerability of virtual assets and corresponding technologies that remain, the government is working to prioritize financial stability and consumer protection, as well as combating money laundering and terrorist financing in line with international standards.
The end goal? It can continue to promote innovation and progress in the digital market and evolve alongside traditional finance.
For decades, Hong Kong has been an attractive and major financial center in the Asia-Pacific region and globally. The government’s decision to host major financial events such as Web3 and DLT is a clear sign that the main market is investing in cryptocurrencies and blockchain despite the recent turmoil, economic pressure and skepticism that the industry continues to face.
This decision is very important for the continued evolution of the financial system and bodes well for the development of the digital asset industry. Such trust at the government level can have a significant impact on adoption and development, so investors should pay attention to upcoming events and activities in the area.
Hawaiians Work To Restore Historically Significant Trees
WhaleFin is committed to complying with regulatory requirements and promoting the integration of cryptocurrencies into traditional financial systems, thus expanding the potential of digital assets and innovation. The Hong Kong government’s support for such a growing industry is a milestone in the industry’s development and has been warmly welcomed by industry players around the world.
In the approach of “same activity, same risk, same supervision”, Hong Kong formulated a comprehensive framework for monitoring VA activities to strengthen its position in the international financial landscape:
A regulatory regime was established to license VA exchanges on an “opt-in” basis, and in terms of asset management, guidance was published on the management of VA funds and discretionary accounts. In addition, instructions are also issued to banks and financial institutions regarding the distribution, trading or VA advice of VA-related products.
VA service providers will be required to comply with the regulatory framework and purchase VASP authorization to provide product services. Financial intermediaries and banks will also be able to work with authorized VA exchanges. Obviously, this further promotes the integration of digital and traditional markets, as well as focusing on stable currencies, because they have “… increased potential to create important links with traditional financial markets (such as payment systems)”.
Benchmark Gensuite®’s Public Comment On Proposed Climate Risk Disclosure
Recent hacks and exploits of blockchain vulnerabilities have temporarily shaken – but not weakened – confidence in the industry and its future. At the same time, he also actively motivates investors to increase their understanding of the industry and “do your own research” (DYOR) wisely to measure the risks involved in cryptocurrency investments.
However, platforms and exchanges have a great responsibility as providers of investment services for retail users, and stricter regulatory requirements will encourage provider accountability and sustainable growth in the field.
As cybersecurity experts and proponents of anti-money laundering (AML) protocols, we invest heavily in leveraging security, privacy and compliance capabilities that few in this space can match. To this end, Amber Group requested an independent evaluation of key safety standards, including:
WhaleFin and Amber Group also work with world-leading partners such as Fireblocks to provide custody and protection of users’ assets, as well as comprehensive property insurance up to $100 million.
Hong Kong Strengthens Crypto Oversight And Imposes Tighter Controls
The Hong Kong government also emphasized the importance of trial operations to test the technical advantages brought by virtual assets and their further application in the financial market. These include:
Since the early days of Bitcoin and its proof-of-work system, many other consensus mechanisms have been researched and developed to mitigate the harmful effects of the high energy consumption required by mining computers. Recently, the merger of Ethereum is a long-term event that opens up new possibilities for the industry with a more sustainable approach and better scalability opportunities. Today, there are many options to engage the community from the technology and financial sectors, as well as emerging innovative industries such as non-fungible tokens (NFT), with a more comprehensive attitude.
NFT is one of the most exciting and bubbly places in the Web3 environment, especially in times of pandemic, inflation, and rising interest rates in global markets. WhaleFin recently opened the NFT market, which brings together various NFT auction platforms, provides a one-stop interface for digital art, and supports several NFT projects, including cooperation with the money-making platform STEPN and NFT famous.
Today, market uncertainty is not only local, but global. This has been wrongly described by some as the final shakeout of cryptocurrencies, and reframed by most as temporary changes and twists and turns as a new category finds its place. This uncertainty reflects prevailing sentiment across markets and sectors, but there is optimism about long-term development prospects.
