Is Hong Kong’s Strict Crypto Regime Stifling Innovation? Lawmakers Call for Review

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Hong Kong regulators are keeping crypto regulations in view.
Stringent rules caused crypto giants to exit Hong Kong.
Lawmakers think stringent rules would hurt Hong Kong’s Web3 developmental goals.

Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, announced today that regulators will monitor market developments and review requirements for virtual asset-related activities “as appropriate.” Hui made this statement in response to questions from a lawmaker in Hong Kong’s Legislative Council.

Hui clarified the requirements for licensed corporations and registered institutions to engage in crypto-related activities. Licensed corporations must notify the Securities and Futures Commission (SFC) before participating, while registered institutions must inform both the SFC and the Hong Kong Monetary Authority (HKMA).

Hui emphasized that these notifications are sufficient for licensed and registered entities to operate within the region. Intermediaries already licensed and registered do not need to apply for license modifications before conducting crypto-related activities.

Lawmakers raised questions following the recent withdrawal o…

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