Global #Hong Kong

Hong Kong is setting its sights on emerging technologies like decentralized finance (DeFi) and the metaverse to solidify its position as a global fintech leader. A recent push by the Hong Kong Institute for Monetary and Financial Research (HKIMR) highlights the potential of these areas.

Hong Kong has taken a step forward in embracing the potential of Web3 and virtual assets by inviting the global community to share their thoughts on the future of these technologies.

Industry experts anticipate notable progress in the cryptocurrency sector in Hong Kong, suggesting the potential introduction of staking features for spot Ethereum exchange-traded funds (ETFs) within the coming year.

The recent approval by the Hong Kong Securities and Futures Commission (SFC) allows 11 cryptocurrency exchanges to operate in the city, signaling the first progress towards issuing virtual asset trading platform (VATP) licenses since 2022.

Hong Kong, a prominent financial center increasingly interested in cryptocurrency, is witnessing significant regulatory changes. The Securities and Futures Commission (SFC) has taken decisive action, compelling unlicensed crypto enterprises to leave the market and imposing stricter regulations on those applying for licenses.

Acting Financial Secretary Wong Wai-lun of Hong Kong reiterated the city's commitment to establishing itself as a hub for cryptocurrency activities, aligning with its longstanding vision in this regard.