China is giving Hong Kong behind-the-scenes approval to become a crypto hub HongKong China crypto
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One of the major questions in the minds of investors as all this unfolds is how China would respond to these developments. The crypto ecosystem got the answer to that question on Tuesday as Bloomberg reported that signs have begun to emerge that Beijing has given behind-the-scenes backing for Hong Kong’s blockchain aspirations.
This perceived openness has led to an influx of crypto firms from the mainland and overseas who are now pushing to register their businesses and return to the Chinese territory more than 15 months after Beijing banned the industry, forcing many to establish their businesses abroad. According to the SFC, the proposed regulatory requirements for virtual asset trading platforms are based on those of the existing Securities and Futures Ordinance regime “and are comparable to those for licensed securities brokers and automated trading venues.”
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