UPDATED. 2023-09-27 18:18 (수)

Embracing Crypto: Hong Kong's Fintech Revolution
Embracing Crypto: Hong Kong's Fintech Revolution
  • 블록체인투데이
  • 승인 2023.05.31 14:26
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Hong Kong is making significant strides toward embracing cryptocurrencies and Web3 technology, with the aim of becoming a more crypto-friendly jurisdiction. In a recent blog post, Hong Kong's financial secretary, Paul Chan Mo-po, expressed the region's commitment to regulation and development in the virtual asset market.


To educate the public about Web3 and its associated risks, Hong Kong's Cyber Security and Technology Crime Bureau (CSTCB) has launched the CyberDefender Metaverse. This platform raises awareness about the decentralized nature of Web3 and the potential for cybercriminals to target virtual asset wallets, smart contracts, and end-point devices.


Hong Kong's law enforcement have expressed concerns about the metaverse contributing to an increase in cybercrime, citing 663 cases in the first quarter of this year with losses totaling $570 million. To further combat fraud, Hong Kong also introduced the CyberDefender website, allowing users to search for documented instances of fraudulent activities using URLs, emails, or phone numbers.


In a significant policy shift, Hong Kong's securities regulator, the Securities and Futures Commission (SFC), has ended the consultation period and will now allow licensed virtual asset providers to offer services to retail crypto traders. The lifting of the crypto retail trading ban, which will take effect from June 1, reflects a change in stance from the previous year when restrictions were implemented. As part of the new regulations, smaller investors will be required to undergo investor training to enhance their awareness of exposure risks.


The more crypto-friendly environment in Hong Kong has attracted several cryptocurrency exchanges seeking licensing opportunities. Huobi, Gate Group, OKX, and BitMEX are among the exchanges looking to provide crypto trading services, including popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).


Hong Kong is also currently conducting a trial of its central bank digital currency (CBDC), known as e-HKD or Cyber Hong Kong Dollar. The Hong Kong Monetary Authority (HKMA) announced the trial run in mid-May, involving 16 selected banks and payment companies. These participants will explore six potential use cases for the digital dollar. The HKMA, in collaboration with the government, industry, and academia, aims to ensure that research and development keep pace with the evolving digital landscape.


The progress made by Hong Kong in embracing cryptocurrencies, exploring Web3, and conducting CBDC trials underscores its ambition to establish itself as a global leader in the digital economy. By fostering regulation, education, and innovation, Hong Kong aims to maintain its status as a prominent financial hub and seize opportunities in the rapidly evolving crypto space.

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