With the emergence of innovative and reputable blockchain platforms and startups, Hong Kong has established itself as a major fintech and blockchain hub of Asia. While the city’s blockchain industry is significantly smaller in size compared to the UK and the U.S., its well-established blockchain companies and platforms are providing Asian bitcoin and digital currency users with necessary infrastructure and services.
Hong Kong is tightening its regulatory grip on cryptocurrency exchanges and related businesses by bringing them under the purview of the Securities and Futures Commission (SFC)
While part of Chinese territory, Hong Kong follow a different judicial approach to the Mainland. The treatment has resulted in hundreds of token issuances, exchanges, and other crypto-related businesses setting-up shop in the city-state.
The move is contrary to Hong Kong’s famed free-market approach towards businesses. Traditionally, entrepreneurs are provided with a lenient operational environment and a legal framework that eliminates excessive government inference. However, growing concerns over fraud, money laundering, and a general lack of regulatory oversight have prompted the regulatory authorities to establish greater oversight over digital assets in the region.
#hk #crypto #it #blockchain #cryptocurrency #blockchainnews #cryptonews #invest #cryptoexchange #technology #buzaishanghai - 27 days ago