Hong Kong FinTech, Bitcoin Market is Lagging Behind Competitors Due to Unclear Policies
Hong Kong, which many consider as the Asian center of financial and technological development, is struggling to see consistent growth in its Fintech and Bitcoin markets. Other Asian countries such as China, Japan, South Korea and Singapore have outcompeted Hong Kong by creating a practical and efficient ecosystem for startups and financial service providers to operate in. Clear policies. China and South Korea in specific have laid out sound regulations and policies within their Fintech and Bitcoin markets, allowing startups and mature corporations to follow a clear regulatory framework to....
Related News
Hong Kong has fallen behind in the fintech race. The country has to increase the adoption of blockchain technology to keep up with rest of the financial capitals of the world. It was Hong Kong where the renowned coffeehouse chain Starbucks took an initiative to embrace disruptive fintech technologies like bitcoin. However, the reality took a different course when it was found that the Starbucks’ staff was refusing to accept digital currency payments. This reported case though seems minuscule, but revealed how the China’s special administrative region was lagging behind the world in terms....
Hong Kong’s top banking regulator, the Hong Kong Monetary Authority (HKMA), unveiled two FinTech initiatives today. The announcement was made at the Hong Kong’s annual Treasury Markets Association gathering by HKMA chief executive, Norman Chan. Hong Kong’s FinTech Market Is Bitcoin Focused. While the announced initiatives are not specifically for Bitcoin....
The Hong Kong Monetary Authority (HKMA) plans to guide local banks towards full adoption of fintech technologies, a new strategy reveals. The region’s central banking institution also stressed that it’s going to “walk the talk” by digitalizing its own supervision of financial institutions. Hong Kong Central Bank to Support Fintech Development Hong Kong’s monetary policy regulator has presented its new strategy to stimulate the fintech development of China’s special administrative region. With the strategy, HKMA aims for a comprehensive adoption of new....
HK$17B has been pledged by the financial secretary of Hong Kong to begin building the key infrastructure necessary to support a thriving Fintech and tech center in the city. In particular, John Tsang Chun-wah in a statement focused on fintech as an area or exploration and interest for Hong Kong. The interest in fintech completely makes sense within the greater context of Hong Kong’s positioning within global finance. And of course, there was a major focus on the potentially ubiquitous solutions within blockchain and cryptos. In last year’s budget meetings, the Steering Group on Financial....
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....