Hong Kong to Clarify Crypto Position During FinTech Week

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Jaroslaw Adamowski

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Jaroslaw Adamowski

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Last updated:

June 26, 2023 06:55 EDT

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The authorities of China’s Hong Kong Special Administrative Region are expected to present a policy statement on the development of the city’s digital assets market at the forthcoming Hong Kong Fintech Week event.

“The policy statement will make our policy stance on virtual assets clear to the global markets. It will also demonstrate our commitment and determination to explore financial innovations together with the global virtual-assets community,” Hong Kong Secretary for Financial Services and the Treasury Christoper Hui Ching-yu told local paper China Daily.

The conference is scheduled to be held between October 31 and November 1, hosting a number of debates between local government officials, executives, and industry observers, as indicated by the event’s agenda.

More than 500 representatives of financial institutions from across the world, and more than 200 speakers from China and overseas, will be attending, according to Hui.

The latest announcement comes as cryptocurrency investors are increasingly worried about Hong Kong’s regulatory ambiguity on crypto. The city’s lawmakers are advancing plans to require licensing for crypto trading platforms through an amendment to Hong Kong’s anti-money laundering legislation. Such a change would require companies to offer such services exclusively to professional investors with a portfolio of at least HK$8 million (US$1 million). Should it go through, the decision could discourage numerous crypto investors from carrying out their business in Hong Kong.