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Hong Kong Takes New Step To Become A Crypto Hub – Here are the Details
Hong Kong is on its way to becoming a major crypto hub by actively promoting the development of Web3.
The Securities and Promising Products Commission (SFC), Hong Kong's main financial regulator, is pursuing this goal in detail and is making plans to regulate the crypto space by issuing licenses for retail crypto exchanges.
Recently, Hong Kong has taken some measures to further strengthen its position as a major player in the Web3 space.
On June 30, the Hong Kong government announced the establishment of a task force dedicated to ethically promoting the development of Web3 in the region.
Consisting of 11 government officials and 15 industry participants, the team aims to foster growth and innovation in the crypto industry.
Also, SFC is licensing exchanges in line with the new crypto licensing regime.
Under the new rules, the city-state will also offer the ability to trade certain “large capitalization tokens” on licensed exchanges, provided that safeguards such as knowledge tests, risk profiles and reasonable exposure limits are met.
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