Hong Kong is “ready to engage” with global virtual asset service providers and invite them to the city, it said in a statement at the start of Hong Kong FinTech Week. By lavender_au
at the opening of the city's flagship tech conference Hong Kong FinTech Week on Monday.
Currently, retail customers can trade crypto on unlicensed exchanges such as Binance. After the VASP regime takes effect, only VASP licensed exchanges can offer any crypto services, and some might be able to offer crypto services to retail customers. In her speech, Leung also announced changes to how the SFC views tokenised securities. The SFC takes the view that tokenised securities should be treated in a similar way to existing financial instruments, she said. The SFC will no longer classify tokenised securities as complex products just because they are issued on the blockchain, Leung said.
“We were sometimes a bit hesitant or even resistant wondering how new creatures like crypto, stablecoins, DeFi or other blockchain-based innovations can fit into mainstream finance,” Hong Kong Monetary Authority CEO Eddie Yue said at Hong Kong FinTech Week.
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