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Hong Kong’s Financial Secretary Welcomes Crypto Exchanges To Apply For License

Hong Kong's Financial Secretary Paul Chan welcomes crypto firms and exchanges to offer crypto services in Hong Kong.
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Hong Kong’s Financial Secretary Welcomes Crypto Exchanges To Apply For License

Hong Kong’s Financial Secretary Paul Chan on Monday said the region remains committed to becoming a regional crypto hub. Hong Kong also welcomed crypto companies and startups to offer services, exploring the potential for retail participation in the industry. Crypto exchanges can register with the current licensing regime as the authorities prepare to issue licenses to crypto firms.

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Hong Kong Maintains Its Pro-Crypto Stance

During the Hong Kong Web3 Innovator Summit on January 9, Hong Kong’s Financial Secretary Paul Chan reaffirms that the city will continue to transform into a global crypto hub, reported Bloomberg.

Several leading tech firms and startups are considering opening their headquarters or an expansion to Hong Kong. Moreover, crypto exchanges have also shown interest in expanding to the region and helps develop the market.

Hong Kong administration has recently completed the legislative work to set up a licensing regime for virtual asset service providers. Under the new regime, the requirements that crypto exchanges need to meet are consistent with those currently applicable to traditional financial institutions.

Joseph Chan, Under Secretary for Financial Services and the Treasury, revealed that the city is also planning a consultation on crypto platforms. It will help explore the potential for retail participation in the crypto industry.

Also Read: Shiba Inu Leads Meme Coins Rally; SHIB Burn Rate Breaches 1300%

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Rising Interest From Retail and Institutional Investors

Hong Kong plans to become a crypto hub amid the rising interest from retail and institutional investors. Moreover, Singapore’s recent shift to a strict crypto stance led to crypto companies shifting to countries with less stringent regulations.

While Hong Kong is known for its financial hub, the crypto industry continues to evaluate China’s influence on Hong Kong. China’s crypto crackdown on crypto mining and trading activity in 2021 caused a massive fall in the crypto market. Therefore, crypto participants move with caution as China can exert control over the financial hub.

Also Read: Top Reasons Why The Crypto Market Is Rising Today

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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