Hong Kong Crypto Trading Hub Outlook Indicated by Local Regulator

[ad_1]

Vladislav Sopov

Julia Leung Fung-yee, CEO of HK Securities and Futures Commission (SFC), reaffirms that Hong Kong recognizes crypto trading as an “important part” of the digital asset system

Read U.TODAY on

Google News

Content

Crypto trading hub not a target for Hong Kong, says SFC CEO. HK regulators send mixed signals?

Chinese journalist and cryptocurrency insider Colin Wu noticed an interesting statement made by the head of the Hong Kong watchdog responsible for trade regulations. This could add context to previous signals from local government agencies.

Crypto trading hub not a target for Hong Kong, says SFC CEO

Julia Leung Fung-yee, CEO of Hong Kong’s Securities and Futures Commission, announced that her country has no plans to build a cryptocurrency trading hub. The CEO’s words were quoted by Hong Kong media RTHK.

At the same time, she is convinced that cryptocurrency trading should be recognized as an important part of the global virtual asset ecosystem in 2023.

She also admitted that after the collapse of FTX, even jurisdictions that championed a relaxed approach to cryptocurrencies have tightened their regulatory frameworks.

As covered by U.Today previously, the new round of cryptocurrency regulation talks began after the SEC sued Binance (BNB), the world’s largest exchange for illegally selling securities to US citizens.

According to SEC filings, she claimed that almost all of the biggest altcoins, including Cardano (ADA), Solana (SOL), and Polygon (MATIC) are securities and should be regulated accordingly.

Hong Kong regulators sending mixed signals?

This statement by Julia Leung Fung-yee goes against the position of the Hong Kong Monetary Authority. According to Financial Times sources, HKMA representatives have been “pushing” local banks to work with crypto-focused firms.

For example, local branches of bakery heavyweights HSBC and Standard Chartered have been urged to be “friendlier” to crypto platforms.

Previously, Animoca Brands Chairman Yat Siu named Hong Kong and Japan among the most crypto-friendly jurisdictions for migrating projects hit by the SEC and EU watchdog attacks.

[ad_2]