HKSAR Considers New Virtual Assets Trading Incentives
(21 October 2022 – Hong Kong) Hong Kong Special Administrative Region (HKSAR) is considering policies to promote the city as a leading global virtual assets trading hub.
The move is anticipated to buttress its position as a preeminent global financial centre and enhance the influence of China in the virtual assets sector. HKSAR will announce policy support for the development of virtual assets in Hong Kong during Fintech Week from October 31 to November 4. The policies will introduce a supervision system covering HKSAR for virtual assets trading, the attitude of the HKSAR on virtual assets investors, and introduce pilot projects to gain technological advantages brought by virtual assets
“The policies will demonstrate the HKSAR’s vision to promote the city as an international virtual asset centre and its commitment and determination to explore financial innovation with the global asset industry “ commented HKSAR Financial Secretary, Paul Chan Mo-po.
“Hong Kong has a thriving fintech industry and vibrant ecosystem. About 67 percent of consumers in Hong Kong use fintech products, one of the highest rates in the world according to InvestHK. There are now more than 600 fintech companies in Hong Kong, about a third of which are from overseas with businesses ranging from mobile payment, cross-border wealth management, compliance technology and virtual asset trading” Chan added.
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