The federal government of Hong Kong remains dedicated to the development of cryptocurrency facilities regardless of the ongoing industry crisis triggered by the FTX collapse.According to Hong Kong’s monetary secretary Paul Chan, the local government and regulators are open to cooperation with crypto and fintech start-ups in 2023. Speaking at an event hosted by the state-run incubator Cyberport, Chan declared that Hong Kong has ended up being a foundation linking high quality virtual possession firms, the general public broadcasting service Radio Television Hong Kong(RTHK)reported on Jan. 9. Financial Secretary Paul Chan Mo-po. Source

Hong Kong wants to become crypto hub despite industry crisis
: RTHK The monetary secretary stated that the Hong Kong government has actually received great deals of requests to establish international head office in Hong Kong from crypto-related companies over the past two months. A great deal of market firms have actually likewise revealed determination to broaden operations in Hong Kong or to go public on local exchanges, Chan added.According to the official, Hong Kong is doing its finest to provide an appropriate amount of supervision to the crypto market in order to launch the capacity of innovations like Web3.He pointed out that Hong Kong legislators passed legislation to set up a licensing system for virtual possession company in December. The new regulative framework is developed to offer the exact same degree of market acknowledgment to cryptocurrency exchanges as the one that is presently relevant to traditional financial institutions.At the occasion, Chen also supposedly pointed out that Hong Kong authorities and regulators are conducting a variety of pilot jobs to check out possible benefits of virtual possessions and check out related applications. One of the efforts includes issuance of tokenized green bonds by the Hong Kong government for subscription by institutional financiers, he noted.Related: Hong Kong lawmaker wishes to turn CBDC into stablecoin including DeFi Hong Kong has been gradually declaring its pro-crypto stance over the previous year, becoming the most crypto-ready country in 2022. In mid-December, Hong Kong released its very first 2 exchange-traded funds(ETF)for cryptocurrency futures, which raised over $70 million ahead of debut. The event came not long after the

head of Hong Kong’s Securities and Futures Commission announced in October that Hong Kong wants to identify its crypto regulation approach from the Chinese crypto ban enforced in 2021.