Hong Kong is determined to become a hub for the blockchain industry, competing with major cities like Singapore and London.
To ensure the best environment for crypto-related businesses, Neil Tan, head of the Fintech Association of Hong Kong (FTAHK), announced that the city will be open to all types of investments in blockchain projects and digital assets.
Tan further expressed his disapproval of the increased regulations in the US and other countries, and commended Hong Kong’s more liberal stance, as the licensing system for crypto firms will come into effect in June 2023.
In February, the city’s authorities allowed retail traders to use the services of cryptocurrency exchanges and virtual service providers (VASPs).
Tan has stated:
“If we provide legal access [to cryptocurrencies], then I’m sure that market participants will come to us, and there are no other options. We have to do this in a legal way.”