By Summer season Zhen and Jiaxing Li
HONG KONG (Reuters) – Hong Kong is contemplating approving new cryptocurrency and digital belongings merchandise as derivatives and margin lending for sure buyers in these merchandise, in line with the town’s monetary regulator.
Securities and Futures Fee chief govt Julia Leung mentioned on Wednesday the plans had been being assessed as Hong Kong tries to make itself a regional digital belongings hub and increase its providers to buyers.
“We’re contemplating spinoff merchandise for skilled buyers, margin lending for sure prospects,” Leung advised Coindesk’s Consensus Hong Kong 2025 convention, referring to digital belongings.
Hong Kong’s monetary secretary Paul Chan on Wednesday mentioned the town’s regulators have issued 9 digital asset buying and selling platform licences, and Leung mentioned there are eight extra purposes being thought-about.
The federal government can also be working to advance the regulation of secure coin, Chan mentioned.
Hong Kong first drew up a plan to develop into a digital asset hub in 2022 – an effort that adopted Beijing’s sweeping ban on all crypto transactions in mainland China the earlier 12 months.
It has since launched the primary spot crypto exchange-traded funds in Asia in addition to different initiatives.
Singapore and Dubai are additionally aiming to develop into international hubs for digital belongings.
The worth of bitcoin greater than doubled final 12 months. It hit an all time excessive of $109,071 on January 20 this 12 months, the day of Donald Trump’s inauguration, however has since pulled again to face round $96,000.
(Reporting by Summer season Zhen and Jiaxing Li in Hong Kong; writing by Scott Murdoch; modifying by Christian Schmollinger, Edwina Gibbs and Sonali Paul)
