Beijing Lays Support for Hong Kong’s Dream to be a Crypto Hub
- The Chinese Government has been supporting Hong Kong to accomplish the city’s dream to be a crypto hub.
- The support seems contrasting to the mainland’s strong opposition to the crypto industry.
- When the city proposed an individual crypto regulatory bill, the Beijing government approached it in a friendly manner.
According to recent expositions, the Chinese Government has been laying support to Hong Kong in accomplishing the city’s ambition to become a crypto hub, in contrast to the mainland’s strong opposition to the crypto industry.
Significantly, on Monday, the Securities and Futures Commission (SFC) of Hong Kong started a consultation process for Virtual Asset Service Providers (VASPs), marking its first move to flourish retail crypto trading.
In addition, SFC proposed the due diligence process on tokens prior to listing, facilitating the traders only with pre-approved tokens. Also, it necessitated a risk profile for the users to ensure that their exposure is reasonable.
Notably, the Beijing authority had not been strongly objecting Kong Kong’s development in the crypto industry. When in October, the Government of Hong Kong proposed to intr…
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