Hong Kong Accelerates Transformation into a Digital Asset Hub
Publication Time:2024-09-09 14:56:11
Emily Parker, a former global strategic director at CoinDesk, discussed the city's potential in the digital assets sector during an event in Hong Kong. She mentioned that while the concept of crypto-friendliness implies acceptance and support for cryptocurrencies, it doesn't mean they will be easily accessible or simple (Crypto-Easy). Jurisdictions with a crypto-friendly stance have stringent standards and requirements for sustainability. Emily Parker specifically highlighted Hong Kong's excellence in this area due to its comprehensive regulatory framework for virtual assets, which allows for retail trading. This makes the city highly attractive in the digital assets space. She further analyzed that Hong Kong's regulatory environment provides a solid foundation for the virtual assets industry. For instance, Hong Kong has strict operational rules for virtual asset exchanges, including requiring at least 98% of funds to be stored in cold wallets and strict adherence to regulatory guidelines. Moreover, Hong Kong is actively developing the next generation of internet technologies, Web3.0, and offers new experimental spaces for stablecoin issuers. The city is also working on providing exchange-traded funds (ETFs) for major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), further strengthening its position in the digital assets domain. In summary, Hong Kong is accelerating its transformation into a digital asset center through its comprehensive regulations, direct rules, and support for innovative technologies, showcasing its strong potential in the cryptocurrency and blockchain sectors.
Hong Kong
Digital Asset Hub
Regulation of Virtual Assets
Retail Trading
Crypto-Friendly