@DeFiChick@laurashin There’s definitely room for two hubs in APAC imo. We’re seeing more clients embrace a dual jurisdiction approach. Sing’s ecosystem is much more familiar with the tech still. Also HK has an issue locating sufficient expertise to act as responsible person for licensing purposes.
@caherrerapa@laurashin Local regulators have openly encouraged Hong Kong banks to provide banking services and we anticipate access to banking services by crypto firms will become easier in general. Some banks that have made public statements and welcomed crypto firms include, ZA Bank, BOC, and SPDB.
@GrabowskiDylan@laurashin We are seeing many firms are eyeing regions with clearer regulations to conduct their businesses (contrasting the US). Many see Hong Kong as a potential step to enter into the China market, noting it is the first and only Chinese city (for the time being) to allow crypto trading.
@markjeffrey@laurashin Only large-cap assets are allowed for retail trading. This is defined as virtual assets that are included in a minimum of two acceptable indices issued by two independent and different index providers. BRC-20 tokens might need more adoption to meet the regulators’ standard.
@defivas@laurashin The new crypto regulations in Hong Kong are stringent and the local regulator would likely treat Defi unfavourably. The SFC will likely treat most Defi activities to be Type 7 regulated activities (providing automated trading services) and require a licence.
@martypartymusic@HuobiGlobal@solana 1. Crypto is banned in Mainland China
2. The reforms taking place from 1 June apply only to Hong Kong which while part of China is a special autonomous region.
3. Buying crypto was legal in Hong Kong before 1 June also- now it’s just more tightly regulated
@martypartymusic@HuobiGlobal@solana 1. Crypto is banned in Mainland China
2. The reforms taking place from 1 June apply only to Hong Kong which while part of China is a special autonomous region.
3. Buying crypto was legal in Hong Kong before 1 June also- now it’s just more tightly regulated