Hong Kong Government Still Cautious About Blockchain
The Hong Kong Monetary Authority (HKMA) held a one-day fintech event on Friday to present blockchain and distributed ledger technology (DLT) to the industry. The event also coincided with the central bank’s launch of a DLT research whitepaper. The paper says fintech explores new frontiers beyond “trendy banking or payment services,” like artificial....
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Hong Kong is one of the most important financial centres of the world, but with limited space and high demand, property in Hong Kong has always been in short supply. Simplifying home ownership in Hong Kong is therefore a prime concern for the Hong Kong government, which has undertaken a number of measures in the last few years to make home ownership both affordable and easy. The Nikkei Asian Review reported that as recently as early November, the Hong Kong government raised stamp duty to cool down the boiling Hong Kong housing market. This measure of the government was mainly aimed at....
In what seems like a further crackdown on freedoms in Hong Kong, the Securities and Futures Commission (SFC) said Bitcoin exchanges operating in the territory should be subject to licensing. The SFC proposal seeks to enforce the ruling by levying heavy fines and tough prison sentences on non-compliant persons. The Hong Kong government also confirmed […]
It’s a good time to be involved in digital assets in Hong Kong. In the territory’s 2016-17 budget, Financial Secretary John Tsang laid out a plan for the government to support blockchain technology development by encouraging its application in financial services, including reducing suspicious transactions and bringing down transaction costs. The 2016-17 budget aims to support 150 fintech startups over the next five years in Hong Kong Island’s Cyberport, and arrange for 300 students to train in fintech overseas. It will also provide training for the financial services industry in blockchain....
Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later....
A senior Hong Kong official has indicated that the government does not see a need for legislation that would regulate or ban bitcoin activities. The statement by Secretary for Financial Services and the Treasury Professor KC Chan comes in response to a question submitted during a meeting of the Legislative Council of Hong Kong by council member Leung Yiu-chung. Leung requested an update on the investigation into the MyCoin bitcoin investment scam as well as clarity on whether officials intend to regulate bitcoin activities more actively, according to a press release from the Hong Kong....