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Alvin Foo

Nov 2 • 9 tweets • 3 min read

The Hong Kong Government's policy statement on digital asset is out. Below are some key takeaways:

#crypto #blockchain #web3 #nft #digitalasset #hongkong

techcrunch.com/2022/10/31/hon…

- They recognise virtual assets are here to stay and are ready to 'calibrate' the legal and regulatory regime to facilitate an environment that caters to the evolving and innovative approach of virtual assets.

HK is open and inclusive towards the global community of innovators engaging in virtual asset businesses.

- Retail investors will likely gain access to virtual assets under the new licensing regime following a public consultation.

- Open to reviewing property rights for tokenised assets and the legality of smart contracts so as to provide a solid legal foundation for their development.

- Regulation coming for 'money on a blockchain' either as stablecoins or as e-HKD (the upcoming central bank digital currency #CBDC), which is the missing piece for the end-to-end tokenisation and trading of virtual assets.

✔️ The upcoming licensing regime for virtual asset service providers (VASPs) will apply the same regulatory requirements that exist for traditional financial institutions (or higher due to operational risks associated with crypto).

More licences are expected to be granted and these licensed VASPs can then access a wider net of investors in the HK market.

VASPs can also partner with existing financial intermediaries to offer virtual asset dealing services via new distribution channels and tap into the USD 4.5 trillion asset & wealth management market.

HK will also be inviting global virtual asset exchanges around the world to set up shop here to take advantage of this new regulatory regime and new business opportunities.

You can read the full statement here: lnkd.in/g99jFkY5

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