“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).

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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). ).

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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.

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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.

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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.

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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.


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