Beijing Subtly Approves Of Hong Kong’s Crypto Ambition

Feb 21, 2023

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According to a recent report by the South China Morning Post, Hong Kong’s push towards developing a thriving cryptocurrency and blockchain industry has received a subtle nod from Beijing, which has been historically wary of the technology.

Hong Kong’s Blockchain and Crypto Development

Over the past few years, Hong Kong has been positioning itself as a crypto and blockchain hub. The Hong Kong Monetary Authority (HKMA), the city’s central bank, has been actively exploring the potential of blockchain technology in the financial sector and has even launched its own blockchain-based trade finance platform.

Moreover, the Hong Kong Securities and Futures Commission (SFC) has taken a proactive approach towards regulating the crypto industry, introducing new rules for cryptocurrency exchanges and fund managers operating in the city.

New Bitcoin narrative brewing: Hong Kong is getting into crypto.

What makes it even more interesting is the People's Bank of China is one of the only central banks in the world cutting rates & easing.

Asia is bidding [sources]

— Luke Martin (@VentureCoinist)

Subtle Nod from Beijing

According to the , Beijing has given Hong Kong the green light to continue developing its blockchain and cryptocurrency industry, but only in a controlled manner. Beijing is said to be particularly concerned about the potential risks posed by cryptocurrencies, such as money laundering, fraud, and other illegal activities.

Despite this, Beijing is said to be quietly supportive of Hong Kong’s efforts to develop a thriving crypto and blockchain ecosystem, given the potential economic benefits it could bring to the city.

Implications for Hong Kong’s Crypto Industry

The subtle nod from Beijing could be a major boost to Hong Kong’s crypto and blockchain industry, which has been facing significant headwinds in recent months. The ongoing political unrest in the city, coupled with a sluggish global economy, has resulted in a slowdown in investment in the industry.

However, with Beijing’s apparent backing, Hong Kong’s crypto and blockchain industry could see a resurgence in investment and activity in the coming months, further cementing the city’s position as a leading hub for innovation in the region.

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Micky Gene
I am a crypto expert, blockchain analyst. I am diving deep in digital world for finding the most promising projects, looking for a better future. Being from a Finance background, I efficiently write Price Analysis. Apart from writing, I am playing football.