Hong Kong Slips in Cryptocurrency Hub World Rankings – Can It Get Back to Winning Ways?

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As local observers point out, as cryptocurrency investors become increasingly concerned about the ambiguity of Hong Kong’s cryptocurrency regulations, some major cryptocurrency-focused companies and activities have decided to move their activities to countries and regions considered more friendly to their industry, such as Singapore.

Lawmakers in Hong Kong are moving forward with plans to amend Hong Kong’s anti-money laundering law to require cryptocurrency trading platforms to be licensed. The amendment to the law would require firms to offer such services only to professional investors with portfolios of at least HK$8 million (US$1 million). If passed, the proposed amendment could discourage a large number of cryptocurrency investors from doing business in Hong Kong.

“There was a time when Hong Kong was a leader in cryptocurrencies and cryptocurrency-related businesses,” Padraig Walsh, a partner at Hong Kong law firm Tanner De Witt, told the South China Morning Post, a local daily.” The reason for this is because of the regulations.

The bill was debated by the relevant committee of the Hong Kong Legislative Council last July.

This year’s Token2049, a major industry conference held in the Chinese city prior to the pandemic and next week in Singapore for the first time in the event’s history, suggests a negative trend that could affect Hong Kong’s ability to attract cryptocurrency-based businesses in the coming years.

“A lot of people are in Hong Kong, but they are moving elsewhere for one reason or another,” according to Crane Yeung, co-founder, and CEO of Aspen Digital, a Hong Kong-based crypto asset management company.” Of course, the world is changing and cryptocurrencies are very fluid, but part of that is because things are not clear and there is no speed.”

Meanwhile, Hong Kong’s de facto central bank, the Hong Kong Monetary Authority (HKMA), is working on launching a trial of a central bank digital currency (CBDC) called e-HKD. The trial is expected to begin in the fourth quarter of 2022.

》Chinese Version

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