Companies attracted by the plan to turn Hong Kong into a hub for digital assets should expect strict regulations, the region has indicated. Authorities are preparing new licensing rules for service providers working with cryptocurrencies and guidelines for banks interacting with crypto firms.
Crypto Hub Hong Kong Has No Intentions to Adopt ‘Light-Touch’ Regulations
Hong Kong’s central banking institution has made it clear that crypto companies enticed by the city’s attempt to establish itself as a hotspot for digital-asset business will not operate under very lax regulations. In an interview on Tuesday, the Chief Executive of the Hong Kong Monetary Authority (HKMA) Eddie Yue elaborated:
Our regulation will be tight. We will let them create the ecosystem here and that actually brings a lot of excitement. But that doesn’t mean light-touch regulation.
On June 1, Hong Kong will launch a new licensing regime for virtual-asset service providers, Bloomberg noted in a report quoting
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