While the US government continues to control the virtual asset sector with a storm of rules, other locations are emerging as potential hubs for the crypto market and retail investors.In an effort to restore its position as a major financial center, Hong Kong has proposed guidelines allowing retail investors to trade in cryptocurrencies and aims to run pilot projects for NFT issuance and CBDC.Since Hong Kong proposed to restrict cryptocurrency business to professional investors last year, many cryptocurrency entrepreneurs moved their operations to friendlier nations like Dubai and Singapore. Hong Kong to Become a Crypto Hub
The new regulatory guidelines come into action as Singapore is looking at a number of strict regulations around virtual digital assets and China has intensified its efforts to crack down on cryptocurrency trades.“We want the global market to understand our policies. With the international community of virtual assets, we are persistently exploring fintech”. According to Hong Kong Finance Secretary Paul Chan, the city first plans to trade Bitcoin and Ether on the Chicago Mercantile Exchange.“We recognise that digital tokens and blockchains are here to stay. It has drawn the interest of international investors and will create new opportunities as they enter the domains of Web 3.0 and the Metaverse”, Paul Chan further added.Hong Kong announced on Monday that it will run pilot programs to evaluate the technological advantages of virtual assets and their use in the financial markets. These pilot projects include the issuance of NFTs, the tokenization of green bonds, and the potential introduction of eHKD, a retail central bank digital currency. Hong Kong to Become a Crypto Hub-Hong Kong to Become a Crypto Hub
With their welcoming attitudes toward cryptocurrencies, Hong Kong, Singapore, and Dubai have drawn crypto entrepreneurs, investors, and tech employees from all over the world in the last five years. However, recently these countries are debating over how transparent they want to be.For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.
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Hong Kong to Become a Crypto Hub
The new regulatory guidelines come into action as Singapore is looking at a number of strict regulations around virtual digital assets and China has intensified its efforts to crack down on cryptocurrency trades.
“We want the global market to understand our policies. With the international community of virtual assets, we are persistently exploring fintech”. According to Hong Kong Finance Secretary Paul Chan, the city first plans to trade Bitcoin and Ether on the Chicago Mercantile Exchange.
“We recognise that digital tokens and blockchains are here to stay. It has drawn the interest of international investors and will create new opportunities as they enter the domains of Web 3.0 and the Metaverse”, Paul Chan further added.
Hong Kong announced on Monday that it will run pilot programs to evaluate the technological advantages of virtual assets and their use in the financial markets. These pilot projects include the issuance of NFTs, the tokenization of green bonds, and the potential introduction of eHKD, a retail central bank digital currency.
Hong Kong to Become a Crypto Hub-Hong Kong to Become a Crypto Hub
With their welcoming attitudes toward cryptocurrencies, Hong Kong, Singapore, and Dubai have drawn crypto entrepreneurs, investors, and tech employees from all over the world in the last five years. However, recently these countries are debating over how transparent they want to be.
For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.
