Hong Kong Needs Broader Crypto Offerings To Rival US And UAE, CZ Warns
Hong Kong ought to widen the vary of cryptocurrencies accessible on licensed exchanges if it needs to compete with international hubs such because the US and UAE, Binance founder Changpeng Zhao has mentioned.
Zhao, broadly referred to as CZ, informed the South China Morning Post on Friday that town has a “very clear angle in the direction of embracing Web3” and praised the federal government for its capability to behave shortly.
He added that the US and UAE had not finished something “magical” past Hong Kong’s attain.
At current, Hong Kong’s retail merchants can solely purchase and promote 4 cryptocurrencies on licensed platforms. These are Bitcoin, Ether, Avalanche and Chainlink.
Retail Crypto Market In Hong Kong Stays Strictly Curated Beneath SFC Guidelines
These limits had been launched by the Securities and Futures Fee when it legalized retail buying and selling in Aug. 2023. Tokens have to be included in a minimum of two main investible indices, one among which should come from an impartial supplier rooted in conventional finance.
Zhao mentioned the 4 tokens had been “not sufficient” and pointed to Japan’s system, the place exchanges have higher autonomy to determine what belongings to record.
Hong Kong has 11 licensed digital asset buying and selling platforms, however Binance has not utilized for approval. Zhao stepped down as Binance chief govt in late 2023 as a part of a settlement with the US authorities, however continues to have interaction with regulators worldwide.
He mentioned Hong Kong’s stance was “conservative” since authorities had been eager to keep away from errors.
Hong Kong To Roll Out Detailed Digital Asset Guidelines By Yr-Finish
Though not working Binance, Zhao described himself as a “backbench coach” who advises entrepreneurs and helps the event of the BNB Chain. The blockchain hosts greater than 4,000 initiatives, although Zhao burdened he doesn’t maintain stakes in most of them.
He’s, nevertheless, the most important proprietor of BNB tokens, controlling near two-thirds of the circulating provide.
In the meantime, Hong Kong is preparing to release a more detailed policy framework on digital belongings by the top of the 12 months. This may construct on its first digital asset coverage, printed in Oct. 2022, which set out broad targets to encourage progress within the sector.
Town’s push to ascertain itself as a hub has come at a time when international regulators are taking divergent approaches.
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