{"id":554527,"date":"2023-02-21T08:39:56","date_gmt":"2023-02-21T05:39:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hong-kongs-crypto-ambition-gets-subtle-nod-from-beijing-report\/"},"modified":"2023-02-21T08:39:56","modified_gmt":"2023-02-21T05:39:56","slug":"hong-kongs-crypto-ambition-gets-subtle-nod-from-beijing-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hong-kongs-crypto-ambition-gets-subtle-nod-from-beijing-report\/","title":{"rendered":"# Hong Kong\u2019s crypto ambition gets subtle nod from Beijing: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a28704a38669\" 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-6a28704a38669\" 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-kongs-crypto-ambition-gets-subtle-nod-from-beijing-report\/#%E2%80%9D_Hong_Kongs_crypto_ambition_gets_subtle_nod_from_Beijing_Report_%E2%80%9C\" >&#8221; Hong Kong\u2019s crypto ambition gets subtle nod from Beijing: Report &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Hong_Kongs_crypto_ambition_gets_subtle_nod_from_Beijing_Report_%E2%80%9C\"><\/span>&#8221; Hong Kong\u2019s crypto ambition gets subtle nod from Beijing: Report &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvYmU4MDJjMDktNmMxZC00ZmI0LTliZDItMmNlZDM4MjYwNjM2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Hong Kong\u2019s ambition of becoming a cryptocurrency hub is reportedly seeing subtle support from the Chinese government, in what could be seen as a contrast to the mainland\u2019s hard-line anti-crypto stance.\u00a0<\/p>\n<p>In October last year, the government of Hong Kong floated the idea of introducing its own bill to regulate crypto and allow retail investors to \u201cdirectly invest into virtual assets\u201d that could possibly be in contrast to China\u2019s widespread crypto ban.<\/p>\n<p>According to people familiar with the matter, Beijing officials have not been brazenly opposed to the idea. According to a Feb. 20 Bloomberg report, it is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-21\/hong-kong-s-crypto-hub-ambitions-win-quiet-backing-from-beijing\">understood<\/a> that representatives from the China Liaison Office have been frequenting Hong Kong crypto gatherings seeking to understand what\u2019s going on.<\/p>\n<p>So far, their encounters with Beijing officials on the matter have been friendly, according to those familiar, which is being perceived by local crypto business operators that Beijing \u2014 albeit very subtly \u2014 may be open to using Hong Kong as a testbed for crypto.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">New Bitcoin narrative brewing: Hong Kong is getting into crypto.<\/p>\n<p>What makes it even more interesting is the People&#8217;s Bank of China is one of the only central banks in the world cutting rates &amp; easing.<\/p>\n<p>Asia is bidding [sources] <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/n5cwE7jI2l\">pic.twitter.com\/n5cwE7jI2l<\/a><\/p>\n<p>\u2014 Luke Martin (@VentureCoinist) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/VentureCoinist\/status\/1626237210768080896?ref_src=twsrc%5Etfw\">February 16, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Hong Kong is a Special Administrative Region of China, allowing it to have its own laws and governance. The former British colony was transferred back to China in 1997 following a guarantee from Beijing there would be no Chinese interference with the region\u2019s economic and political systems for 50 years, known as the \u201cone country, two systems\u201d principle.<\/p>\n<p>National People\u2019s Congress member and digital asset lawyer Nick Chan was quoted as saying that as long as there are no violations of \u201cthe bottom line, to not threaten financial stability in China,\u201d then the city is free to undertake its own pursuits.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto\u2019s next bull run will come from the East: Gemini co-founder<\/em><\/strong><\/p>\n<p>On Feb. 20, Hong Kong\u2019s Securities and Futures Commission outlined a new crypto license regime that proposed that all centralized exchanges that operate in the region must be licensed with the regulator.<\/p>\n<p>It also proposed allowing retail traders access to licensed cryptocurrency trading platforms, saying public feedback highlighted that denying access to crypto markets may push Hong Kongers to trade on unregulated overseas platforms.<\/p>\n<p>The new regulatory push has spurred many crypto businesses to seek expansion into the city. Most recently the exchange Huobi Global said it would seek a local license and plans to open a new Hong Kong-only exchange with a focus on institutional and high-net-worth individuals.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/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-s-crypto-ambition-gets-subtle-nod-from-beijing-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Hong Kong\u2019s crypto ambition gets subtle nod from Beijing: Report &#8220; Hong Kong\u2019s ambition of becoming a cryptocurrency hub is reportedly seeing subtle support from the Chinese government, in what could be seen as a contrast to the mainland\u2019s hard-line anti-crypto stance.\u00a0 In October last year, the government of Hong Kong floated the idea&#8230;<\/p>\n","protected":false},"author":1,"featured_media":554528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/be802c09-6c1d-4fb4-9bd2-2ced38260636.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[25196,117,4973,43256,55229,70934],"class_list":["post-554527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-asia","tag-business","tag-china","tag-hong-kong","tag-law","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/554527","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=554527"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/554527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/554528"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=554527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=554527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=554527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}