In a move to further the development of the industry in Hong Kong, regulators will review regulations related to cryptocurrencies. Hong Kong’s financial secretary recently revealed that regulators will review requirements for cryptocurrency activities as necessary.

The recently announced development comes as the cryptocurrency industry continues to grow in the country. Christopher Hui, Secretary of Financial Services and Treasury, shared the information in a parliamentary question on July 3.

According to the text, the Hong Kong Monetary Authority and the Securities and Futures Commission will “keep an eye on market developments and review requirements on VA-related activities as appropriate.”

Hui was commenting on a question from a lawmaker regarding whether authorities will speed up the process for verifying cryptocurrency licenses, as well as relaxing rules for the distribution of crypto assets by intermediaries.

“The HKMA and the SFC will keep a close eye on market developments and review requirements on VA-related activities as appropriate,” he said.

It is worth noting that in a significant development that marks the advancement of the sector in Hong Kong, a legislative subcommittee specifically for the cryptocurrency industry has been established. Hong Kong lawmaker Johnny Ng recently highlighted that a move is underway to gather policy feedback from the global Web3 industry following the establishment of a cryptocurrency subcommittee in the Legislative Council.

In February 2024, in a strategic move to strengthen security and transparency in the burgeoning cryptocurrency market, Hong Kong announced that it was taking decisive action. Secretary for Financial Services and the Treasury Christopher Hui announced the government’s intention to move forward quickly with the regulation of stablecoins and over-the-counter (OTC) cryptocurrency trading. Hong Kong’s proposed measures represent a significant step towards a safer and more regulated cryptocurrency ecosystem.


The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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