{"id":537761,"date":"2023-01-09T15:02:39","date_gmt":"2023-01-09T12:02:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hong-kong-wants-to-become-crypto-hub-despite-industry-crisis\/"},"modified":"2023-01-09T15:02:39","modified_gmt":"2023-01-09T12:02:39","slug":"hong-kong-wants-to-become-crypto-hub-despite-industry-crisis","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hong-kong-wants-to-become-crypto-hub-despite-industry-crisis\/","title":{"rendered":"# Hong Kong wants to become crypto hub despite industry crisis"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a407e8ab3b2a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a407e8ab3b2a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/hong-kong-wants-to-become-crypto-hub-despite-industry-crisis\/#%E2%80%9D_Hong_Kong_wants_to_become_crypto_hub_despite_industry_crisis_%E2%80%9C\" >&#8221; Hong Kong wants to become crypto hub despite industry crisis &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Hong_Kong_wants_to_become_crypto_hub_despite_industry_crisis_%E2%80%9C\"><\/span>&#8221; Hong Kong wants to become crypto hub despite industry crisis &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-6ed77c39>The government of Hong Kong remains committed to the development of cryptocurrency infrastructure despite the ongoing industry crisis triggered by the FTX collapse.<\/p>\n<p>According to Hong Kong\u2019s financial secretary Paul Chan, the local government and regulators are open to collaboration with crypto and fintech startups in 2023.<\/p>\n<p>Speaking at an event hosted by the state-run incubator Cyberport, Chan declared that Hong Kong has become a foundation connecting high quality virtual asset firms, the public broadcasting service <em>Radio Television Hong Kong (RTHK)<\/em> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/news.rthk.hk\/rthk\/ch\/component\/k2\/1683088-20230109.htm\">reported<\/a> on Jan. 9.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/1d022388-04e7-47d8-b355-dec10b3f938f.png\"><figcaption style=\"text-align: center;\"><em>Financial Secretary Paul Chan Mo-po. Source: RTHK<\/em><\/figcaption><\/figure>\n<p>The financial secretary said that the Hong Kong government has received lots of requests to set up global headquarters in Hong Kong from crypto-related firms over the past two months. A lot of industry firms have also expressed willingness to expand operations in Hong Kong or to go public on local exchanges, Chan added.<\/p>\n<p>According to the official, Hong Kong is doing its best to provide an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate amount of supervision to the crypto market in order to release the potential of technologies like Web3.<\/p>\n<p>He mentioned that Hong Kong lawmakers passed legislation to set up a licensing system for virtual asset service providers in December. The new regulatory framework is designed to provide the same degree of market recognition to cryptocurrency exchanges as the one that is currently applicable to traditional financial institutions.<\/p>\n<p>At the event, Chen also reportedly pointed out that Hong Kong officials and regulators are conducting a number of pilot projects to test out potential advantages of virtual assets and explore related applications. One of the initiatives includes issuance of tokenized green bonds by the Hong Kong government for subscription by institutional investors, he noted.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Hong Kong lawmaker wants to turn CBDC into stablecoin featuring DeFi<\/em><\/strong><\/p>\n<p>Hong Kong has been gradually reaffirming its pro-crypto stance over the past year, becoming the most crypto-ready country in 2022.<\/p>\n<p>In mid-December, Hong Kong launched its first two exchange-traded funds (ETF) for cryptocurrency futures, which raised over $70 million ahead of debut. The event came soon after the head of Hong Kong\u2019s Securities and Futures Commission announced in October that Hong Kong is willing to distinguish its crypto regulation approach from the Chinese crypto ban enforced in 2021.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/hong-kong-wants-to-become-crypto-hub-despite-industry-crisis\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Hong Kong wants to become crypto hub despite industry crisis &#8220; The government of Hong Kong remains committed to the development of cryptocurrency infrastructure despite the ongoing industry crisis triggered by the FTX collapse. According to Hong Kong\u2019s financial secretary Paul Chan, the local government and regulators are open to collaboration with crypto and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":537762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/ed8a114f-37ea-47df-a8a5-d0b533e0f860.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74863,74892,71511,43256,70934],"class_list":["post-537761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cryptocurrencies","tag-tokens","tag-government","tag-hong-kong","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/537761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=537761"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/537761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/537762"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=537761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=537761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=537761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}