Hong Kong to Unveil Digital Belongings-Associated Coverage Assertion on Upcoming Fintech Week

The Hong Kong Particular Administrative Area’s authorities will launch the plans for the event of digital belongings within the metropolis through the upcoming  FinTech Week by the tip of the month.

In a weblog publish revealed by Monetary Secretary Paul Chan Mo-po on Sunday, the coverage assertion will encompass the federal government’s “imaginative and prescient and technique, regulatory regime, angle in the direction of opening up buyers’ entry to digital belongings, and the technological benefits introduced by digital belongings launch pilot initiatives.”

The annual Hong Kong FinTech Week shall be held from October thirty first to November 4th, with the theme of “Breaking the Boundaries and Creating Extraordinary”. “The coverage assertion will clearly specific the federal government’s place, display to the worldwide trade our imaginative and prescient to develop Hong Kong into a global digital asset centre, and our dedication and willpower to discover monetary innovation with the worldwide asset trade,” the weblog publish acknowledged.

Alongside the normal fintech occasions, just like final 12 months, Hong Kong FinTech Week can even host the third-generation Web (Web3), the Metaverse and different ideas so as to add new parts. 

“A primary-come, first-served foundation, within the type of non-fungible tokens (NFT) to distribute restricted portions to members model of the Proof of Attendance Protocol (POAP) token,” shall be a part of the blockchain attraction for the annual fintech occasion.

House owners of those NFT tokens will acquire entry to creating their private avatars via 3D scanning, in line with the weblog publish. It additional added that token homeowners “will be capable of use the tokens to take part in different trade occasions preferentially sooner or later.”

Improvement of digital belongings in Hong Kong

When it comes to current developments within the digital belongings sector in Hong Kong, Hashkeys Group and OSL Digital Securities Restricted (OSL) have secured Sort 1 SFC-licensed to take care of safety. Sort 1 license additionally empowers OSL to serve buyers in Hong Kong via personal safety token choices (STOs).

Beforehand, Blockchain.Information reported that the China-based cryptocurrency alternate is the primary regulated digital belongings brokerage agency in Hong Kong to facilitate gross sales of latest asset-backed digital tokens classed as securities to international establishments.

OSL has been doing that for some time. To this point, its institutional shoppers embrace the likes of Animoca Manufacturers, Head & Shoulders Monetary Group, China Fortune Monetary Group Restricted, Volmart, and Monmonkey Group Asset Administration Restricted.

OSL first obtained approval in precept from Hong Kong’s Securities and Futures Fee (SFC) in August 2020, to license the cryptocurrency agency.

In the meantime, the federal government has additionally actively begun introducing safety measures towards unlawful acts carried out via digital belongings and blockchain expertise.

The federal government has introduced the framework of a brand new regulatory regime for digital belongings and related services and products. The brand new framework for digital asset service suppliers (VASPs) has been designed primarily to fight cash laundering and terrorist financing dangers. It’s scheduled to take impact on 1 January 2023.

The important thing spotlight of the brand new safety measure is that the VASP regulatory regime consists of latest licensing and regulatory necessities for VASPs’ operations.

In response to the Monetary Companies and the Treasury Bureau, the licensing necessities of the brand new VASP regime are extremely specialised and technical.

In response to the announcement of the framework of a brand new regulatory regime, Mayer Brown – a Chicago-based international white-shoe legislation agency – mentioned, “Hong Kong’s new VASP regime is a current addition to this area and will probably be fascinating to see the extent to which, if in any respect, the brand new regime impacts the expansion of the VA trade in Hong Kong.”

Picture supply: Shutterstock

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