Hong Kong is moving towards a friendlier regulatory regime for cryptocurrencies, with plans to legalize transactions with them, contrary to the city’s skepticism in recent years and the current ban in China.
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Citing sources, Bloomberg reports that the mandatory licensing program planned for crypto platforms, which will be implemented in March next year, will allow transactions with digital currencies. The program has not yet been publicly announced.
Regulators want to allow major cryptocurrencies to be listed, but the regulation does not mention specific currencies, such as “Bitcoin“go” Ether. “
The government is expected to outline its recently announced goal of becoming the world’s cryptocurrency exchange hub at a fintech conference starting on Monday. It arose in the midst of efforts to restore Hong Kong’s status as a financial center after years of political pressure from China and the fallout from the pandemic.
“Implementing mandatory licensing in Hong Kong is just one of the most important things regulators need to do,” said Gary Tiu, CEO of cryptocurrency firm BC Technology Group. “They cannot ignore the needs of private investors forever.”
The upcoming token listing regime on retail exchanges is likely to include criteria such as their market value, liquidity, and participation in third-party cryptocurrency indices, sources told Bloomberg.
