Hong Kong authorities count on to license extra crypto exchanges earlier than the tip of this 12 months, in response to Monetary Secretary Paul Chan.
On the ongoing Hong Kong FinTech Week, Chan said that the Securities and Futures Fee (SFC) is actively reviewing extra platforms for potential licensing. The information signifies that extra digital asset service suppliers may obtain licenses, becoming a member of latest licensees like OSL Change, Hashkey Change, and HKVAX.
He said:
“Now we have issued three licenses to date. In the meantime, the SFC (Securities and Futures Fee) is assessing the authorized and regulatory compliance of these deemed service suppliers. We count on extra licences shall be issued within the subsequent couple of months.”
Chan additionally highlighted additional regulatory efforts underway, together with plans to regulate stablecoins and set up tips for over-the-counter (OTC) buying and selling. He added:
“The HKMA has already launched a stablecoin issuer sandbox in March to permit events to conduct testing and to facilitate two-way communication on the proposed regulatory necessities, guaranteeing that such necessities are match for objective. It’s our plan to introduce the laws this 12 months.”
Additional, Chan identified that the Hong Kong authorities was not solely seeking to reap the advantages of AI but in addition in search of to “deal with the potential challenges, corresponding to cybersecurity, information privateness, the safety of mental property rights, and issues about its impression on jobs and ethics.”
On account of this, the federal government will launch a coverage assertion that displays its coverage stance and regulatory strategy to the accountable software of AI in monetary companies.
Tax incentives
In the meantime, Hong Kong can also be exploring new tax incentives that might prolong present breaks for conventional funds and household places of work to crypto investments.
Christopher Hui, Secretary for Monetary Providers and the Treasury shared this replace throughout Hong Kong FinTech Week, noting that tax concessions for crypto and different investments might be applied by year-end.
Hui believes these incentives will stimulate funding and speed up progress within the sector.
