
Details of New Regime May Emerge at Fintech Confab
Bloomberg said the regulation will allow both retail traders and institutions to access the digital asset markets.
More details on the regime are expected at the Hong Kong FinTech Week conference starting Monday. The government said it will showcase its vision for 'developing Hong Kong into an international virtual assets center,' officials said earlier this month.
The government of Hong Kong may also welcome nonfungible tokens at the event by issuance of 2,000 NFTs to participants. The tokens provide benefits forholders, such as discounted tickets for next year's event.
The news comes as Hong Kong's government is scrambling to attract tech talent to shore up a city racked by a turmoil during the Covid-19 pandemic and Beijing's crackdown on free speech. Many devs and tech executives have decamped for other business hubs like Singapore and London.
The government announced the second round of its $1.3M cash subsidy program for fintech startups based in Hong Kong in October.
In July, Forex Suggest said Hong Kong was the most 'crypto-ready' jurisdiction in the world, followed by the United States and Switzerland. The study included local crypto regulations, the number of local blockchain startups, crypto search volumes, the number of crypto ATMs, and local taxation laws.