Hong Kongs Krypto-Push could have China's support: reports
Hong Kongs Krypto-Push could have China's support: reports
Does China experiment with crypto in his back yard-Hong Kong? In the past few months, the city has taken some decisive steps to create a clear regulatory environment for crypto companies in their jurisdiction. Hong Kong is the special management region of China with a separate legal system and control over its markets.
According to local government officials, the city could begin crypto trading for private investors in June. This is in a sharp contrast to the ban on the crypto trade and mining by China within its jurisdiction, which was implemented in 2021.
China's support from HKS crypto ambitions
However, a new narrative for China's ban on crypto activities is now available. According to Bloomberg Report , Hong Kong could be supported for the legal crypto handle of China.
The city, which was a global finance and trade center, began to invite crypto companies in October. Many of these companies that are now building their business in Hong Kong had to end their activities on the Chinese mainland after the ban.
The reporting states that officials from the Chinese liaison office in Hong Kong are increasingly seen at crypto business events and meetings in Hong Kong. Interestingly, these officials do not suspect Hong Kong's initiative of becoming a global crypto center.
Rather, they exchange reports and business cards and work for follow-up calls that suggest "reserved support" for the initiatives of the city in the crypto sector.
China's ban on the crypto trade and mining in 2021 forced some of the most renowned crypto companies, including Binance and Tron.
"The change in the government of the special administrative zone Hong Kong towards Krypto indicates that the Chinese central government HK gave the pilot status to see how Krypto can best be adopted and localized for the entire Chinese market ... I am very optimistic about what the views for In the Greater China region for the next decade ”, Tron founder Justin Sun span-preserver-spaces =" True "> last month in an interview with Bloomberg TV.
On Monday, the Securities and Futures Commission of Hong Kong published a consultation paper in which plans were outlined to enable small investors to trade with megacoins such as Bitcoin and ether on licensed crypto base. last month said the SCF that this would be the case spanerver-spaces = "true"> published with which small investors cannot be able to do such market participants will be to buy or sell risky digital assets. At the beginning of this month, US-based interactive brokers Started BTC and ETH trading services for professional investors on its platform, alongside other investment classes. . HKS step faster towards Crypto Hub