The public broadcasting service Radio Television Hong Kong (RTHK) reported an important piece of information on January 9. This is a statement by Hong Kong Finance Secretary Paul Chan Mo-po, on crypto. Chan spoke about Hong Kong’s perspectives on the ground at an event organized by the public incubator Cyberport.
Hong Kong wants to continue to focus “high quality crypto companies”
During the Cyberport event, Paul Chan said that Hong Kong is currently connecting high-quality crypto companies. He added that the region wishes to become a new industrial hub. In this context, he has in particular launched a project aimed at institutional investors. Cointelegraph reported it well a chirp this January 9:The Hong Kong government experiments with issuing tokenized green bonds for institutional investors“.
RTHK reported in his article that according to Chan, cutting-edge innovation-oriented companies want to establish themselves in Hong Kong. High-tech startups have also reportedly been actively sending requests to the government to set up their international headquarters in the region.
Chan clarified that the government and regulators are ready to welcome these crypto and fintech startups in 2023. In this context, Hong Kong will strive to improve supervise the cryptocurrency market. Its main goal is to be able to unleash the potential of technologies such as Web3.
Several pilot projects to test the potential of cryptoassets
During his speech, Paul Chan talked about the pilot projects being implemented by the Hong Kong authorities. The former development secretary explained that the latter are deployed in view of test the potential benefits of cryptocurrencies. The conducted pilot projects are also helping to explore applications related to digital assets.
Precisely, the issuance of tokenized green bonds is part of the pilot projects that the Hong Kong government is carrying out. We recall that the latter had launched its first two ETFs on crypto futures last year, in mid-December. For these two products the government had managed to raise more than 70 million dollars.
Paul Chan says Hong Kong is working to ensure proper oversight of the cryptocurrency market. With this in mind, lawmakers in the region passed a law promoting the establishment of a licensing system for virtual asset service providers. With the new regulatory framework, cryptocurrency exchanges can be recognized as traditional financial institutions.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to convey information related to this ecosystem with my pen.