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Crypto Trading Hub Prospects in Hong Kong Indicated by Local Regulator

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Sat, 24/06/2023 - 17:08
Crypto Trading Hub Prospects in Hong Kong Indicated by Local Regulator
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Chinese cryptocurrency journalist and insider Colin Wu noticed an interesting statement made by the head of the Hong Kong watchdog responsible for trading regulation. It might add context to previous signals by local governmental bodies.

Crypto trading hub is not goal for Hong Kong, SFC CEO says

Julia Leung Fung-yee, the CEO of Securities and Futures Commission of Hong Kong, announced that her country has no intention of building a cryptocurrency trading hub. The words of the CEO were cited by Hong Kong media outlet RTHK.

At the same time, she is sure that cryptocurrency trading should be recognized as an important part of the global virtual asset ecosystem in 2023.

She also admitted that after the collapse of FTX, even the jurisdictions that used to champion a relaxed approach to cryptocurrencies tightened their regulatory frameworks.

As covered by U.Today previously, the new round of discussions about cryptocurrency regulation started after the SEC sued Binance (BNB), the world's largest exchange for illegal selling of securities to U.S. citizens.

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As per the SEC's documents, it claimed that almost all the largest altcoins, including the likes of Cardano (ADA), Solana (SOL) and Polygon (MATIC) are securities and should be regulated accordingly.

HK regulators sending mixed signals?

This statement of Julia Leung Fung-yee goes in contrast with the position of the Hong Kong Monetary Authority. According to Financial Times' sources, representatives of HKMA "pushed" local banks to work with crypto-focused businesses.

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For instance, local branches of baking heavyweights HSBC and Standard Chartered were requested to be "more friendly" toward crypto platforms.

Previously, Animoca Brands chairman Yat Siu named Hong Kong and Japan amid the most crypto-friendly jurisdictions for the migration of projects affected by the SEC and EU watchdogs' attacks.

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