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Gungun Bhatia
Oct 31, 2022
by Gungun Bhatia

Hong Kong Authorities to Launch Consultation on Crypto Access

Hong Kong Crypto

Table of contents

  1. Topics Addressed by Hong Kong Authorities
  2. Issuance of Non-Fungible Tokens
  3. Hong Kong Claims CBDCs Can Work With Stablecoins
The Special Administrative Region (SAR) of Hong Kong's authorities issued a document on virtual asset and crypto development on October 31. The declaration describes the government's strategy and policies for creating a "vibrant industry and ecosystem" for cryptocurrencies in Hong Kong. It is a 180-degree turn from earlier this year when the government planned to supervise cryptocurrency exchanges.

Topics Addressed by Hong Kong Authorities

The declaration addresses several important topics, including vision and strategy. The initial step was to welcome cryptocurrency firms. According to a government announcement, the Securities and Futures Commission will begin a consultation process on the possibility of enabling individual investors to invest in virtual assets (VA), with access to cryptocurrency through exchange-traded funds (ETFs) being considered.

Additionally, the government is amenable to a future revision of tokenized asset property rights. To promote the development of smart contracts, it is also investigating their legality.

Issuance of Non-Fungible Tokens

The statement indicates that there will be several pilot initiatives. These include issuing non-fungible tokens (NFT) during the Hong Kong Fintech Week in 2022. Additionally, they discussed an e-HKD CBDC and the tokenization of green bonds. Paul Chan, the Finance Secretary, stated that the policy position on VAs (virtual assets) is now clearly outlined to the global markets, and it helps to highlight the dedication and drive to pursue financial institutions with the VA community.

Sam Bankman-Fried, a crypto millionaire, took notice of the action. He stated that he values it when decision-makers connect constructively and enthusiastically with the individuals who are crucial for the development of an industry.

Hong Kong Claims CBDCs Can Work With Stablecoins

Recently, Hong Kong Monetary Authority revealed the finished Aurum retail central bank digital currency (CBDC) prototype. According to the central bank, CBDCs may be utilized with stablecoins and guarantee flexibility and privacy when used by retail consumers. The system, developed in partnership with the Bank for International Settlements (BIS) Innovation Hub, has a unique architecture that perfectly reflects the quirks of the present Hong Kong monetary system.

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Cryptocurrency Hong Kong Virtual Assets (VA) exchange-traded funds (ETFs)
Hong Kong Authorities to Launch Consultation on Crypto Access
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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