Hong Kong, known for its crypto-friendly environment, remains enthusiastic about providing its residents with access to crypto trading despite other regions taking a more cautious approach, according to Neil Tan, the chair of the FinTech Association of Hong Kong (FTAHK).
Tan expressed during an interview with Cointelegraph at the Hong Kong WOW Summit in March that while countries like Singapore and the United States appear to be holding back on allowing retail crypto trading, Hong Kong is moving forward. A licensing regime for crypto exchanges is set to be implemented on June 1, which will also cover retail trading. The detailed guidelines for the licensing are expected to be released in May.
Earlier in February, the region’s securities regulator proposed granting retail traders access to licensed crypto platforms as part of its licensing regime for Virtual Asset Service Providers (VASPs). The regulator highlighted that restricting access could lead traders to unregulated platforms overseas, as currently only accredited professional investors can use such platforms.
The CEO of the Securities and Futures Commission (SFC), Julia Leung Fung-yee, mentioned in January that retail traders would be limited to trading “highly liquid” digital assets, without providing further specifics. Hong Kong is not only offering an attractive legal framework for crypto but is also focusing on attracting talent and infrastructure providers, referred to by Tan as the “back end.”
Tan noted that both the Chinese and Hong Kong governments are aware of the opportunities in the region and are making efforts to support the influx of talent. He emphasized the importance of having the necessary infrastructure in place to realize Hong Kong’s ambitions of becoming a virtual asset hub, stating that when crypto platforms arrive, they bring the required infrastructure to deliver their products.
According to Tan, the inclusion of digital assets in the financial industry is a natural progression as cryptocurrencies gain more prominence. He expressed optimism about Hong Kong’s future in the crypto space, stating, “Now we’re back in business. We’re opening it up.”
In the realm of Asian crypto news, topics such as Justin Sun’s SUI-farming activities, PEPE’s impressive performance, and 3AC’s unique oyster philosophy are also making headlines.