Hong Kong authorities anticipate to license extra crypto exchanges earlier than the top of this 12 months, in line with Monetary Secretary Paul Chan.
On the ongoing Hong Kong FinTech Week, Chan acknowledged 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 Trade, Hashkey Trade, and HKVAX.
He acknowledged:
“We’ve issued three licenses thus far. In the meantime, the SFC (Securities and Futures Fee) is assessing the authorized and regulatory compliance of these deemed service suppliers. We anticipate extra licences will likely be issued within the subsequent couple of months.”
Chan additionally highlighted additional regulatory efforts underway, together with plans to regulate stablecoins and set up pointers 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 goal. It’s our plan to introduce the laws this 12 months.”
Additional, Chan identified that the Hong Kong authorities was not solely trying to reap the advantages of AI but in addition looking for to “tackle the potential challenges, similar to cybersecurity, information privateness, the safety of mental property rights, and issues about its influence on jobs and ethics.”
As a consequence 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 would prolong present breaks for conventional funds and household workplaces to crypto investments.
Christopher Hui, Secretary for Monetary Companies and the Treasury shared this replace throughout Hong Kong FinTech Week, noting that tax concessions for crypto and different investments may very well be carried out by year-end.
Hui believes these incentives will stimulate funding and speed up development within the sector.