The Hong Kong Crypto Hub Is Being Built With China Support
China appears to be quietly on board with Hong Kong’s potential move to allow retail trading of Bitcoin and crypto assets, according to a new report.
Hong Kong’s Securities and Futures Commission (SFC) released a consultation paper this week, outlining a plan to provide regulated crypto trading licenses to companies and allow investors both large and small to buy cryptocurrency.
As Hong Kong moves toward relaxing its policies on crypto, Chinese officials – including representatives from China’s Liaison Office – have been regularly spotted at Hong Kong’s crypto gatherings in recent months, according to Bloomberg.
The officials are exchanging business cards, connecting on WeChat, and asking for reports.
“The encounters have been friendly, with officials checking on developments, asking for reports and in some cases making follow-up calls.”
The SFC is proposing a regulatory process that would require all crypto assets be fully vetted and pre-approved before they can be listed on exchanges.
The agency has already decided to allow investors with $1 million or more to buy crypto assets, beginning on June 1st.