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Bloomberg News reports that Hong Kong’s financial watchdog will host a conference on April 28 to bring together bankers and cryptocurrency firms.
As per Bloomberg News, the Hong Kong Monetary Authority (HKMA) and the Hong Kong Securities and Futures Commission (SFC) at the conference hope to develop viable and effective banking solutions for cryptocurrency firms in the region. is. article I got it.
According to the HKMA, the purpose of the next meeting is to “encourage direct dialogue” and “share practical experiences and perspectives on opening and maintaining bank accounts.”Neither regulator shared additional information about upcoming meetings, but said they were maintaining dialogue with stakeholders.
Hong Kong virtual currency
The planned conference is part of Hong Kong’s desire to establish itself as a cryptocurrency hub. Despite China’s opposition to cryptocurrencies, Hong Kong is taking significant steps to increase cryptocurrency adoption. The crypto space has heard news from Hong Kong almost every two weeks since the beginning of the year.
After the impact of FTX motivated Hong Kong to formulate a new regulatory framework, Hong Kong has announced that the new regulations are ready to take effect in June 2023. He also spent $50 million to accelerate her Web3 development in Hong Kong.
In March, Hong Kong said more than 80 cryptocurrency-related companies said they were interested in setting up shop in the region after February. said it is trying to attract cryptocurrency companies that
China vs Hong Kong
In contrast to Hong Kong’s initiative, China maintains its indifference to cryptocurrencies. The country will ban cryptocurrency mining in 2021 and has not promoted cryptocurrencies since then, with the exception of the central bank digital currency (CBDC) digital yuan.
However, China is also showing no signs of stopping Web3 development in Hong Kong. According to certain crypto executives, this is because the country is trying to catalyze crypto development in Hong Kong.
Hong Kong’s current regulatory environment includes strict rules that provide investors with peace of mind and confidence. This will help Hong Kong achieve its goal of becoming an important cryptocurrency hub in the Asian region.
