{"id":45385,"date":"2024-01-18T09:00:32","date_gmt":"2024-01-18T08:00:32","guid":{"rendered":"https:\/\/www.11onze.cat\/magazine\/hong-kong-liderar-comerc-criptoactius\/"},"modified":"2024-01-18T09:08:36","modified_gmt":"2024-01-18T08:08:36","slug":"hong-kong-aims-lead-crypto-industry","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/hong-kong-aims-lead-crypto-industry\/","title":{"rendered":"Hong Kong aims to lead the crypto industry"},"content":{"rendered":"<div class=\"component text\">\n  <div class=\"container\">\n\n\n    <div class=\"row\">\n      <div class=\"col  col-lg-8  offset-lg-2\">\n        <h3><b>Hong Kong is unshackling itself from China&#8217;s government restrictions on the cryptocurrency sector and encouraging the adoption of blockchain technology with the aim of becoming the global centre of the crypto industry and trading.<\/b><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Hong Kong, officially the Hong Kong Special Administrative Region of the People&#8217;s Republic of China, has <\/span><b>a free market economy heavily dependent on international trade and finance<\/b><span style=\"font-weight: 400;\">. Known for innovation and promotion of new technologies, in recent months it has introduced new regulations to promote and facilitate the adoption of cryptocurrencies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On June 1 last, a new licensing regime for cryptocurrency exchange platforms came into force, opening<\/span><b> up access to cryptocurrency trading for retail investors<\/b><span style=\"font-weight: 400;\">, which was previously prohibited. This allows these platforms to provide services in a regulated manner in their territory.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">More than 80 <\/span><a href=\"https:\/\/es.cointelegraph.com\/news\/over-80-crypto-firms-eyeing-presence-in-hong-kong-financial-secretary\"><span style=\"font-weight: 400;\">companies<\/span><\/a><span style=\"font-weight: 400;\"> involved in cryptocurrency exchange and blockchain ecosystem development have already <\/span><b>made applications to Hong Kong for a presence in the territory<\/b><span style=\"font-weight: 400;\">. Many of these companies already have businesses in mainland China, but others come from Singapore, the European Union, the United States, Canada, the United Kingdom and other regions of the world.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, the central banks of Hong Kong and the United Arab Emirates have announced that they <\/span><b>will coordinate their crypto-asset regulations to facilitate the settlement of cross-border transactions<\/b><span style=\"font-weight: 400;\">, opening up the possibility of using their own digital currencies (CBDCs). This comes shortly after the administrative region&#8217;s monetary authority unveiled the launch of a digital version of the Hong Kong dollar.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Will China change its stance against crypto?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Against the backdrop of the Chinese government&#8217;s historically tough restrictions on crypto trading &#8211; to the point of <\/span><b>declaring all cryptocurrency-related<\/b> <b>activities illegal<\/b><span style=\"font-weight: 400;\"> &#8211; Hong Kong&#8217;s new regulatory policy on cryptocurrencies suggests a possible paradigm shift in China&#8217;s stance on cryptocurrencies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Especially considering that Beijing recently <\/span><b>published a <\/b><a href=\"https:\/\/mp.weixin.qq.com\/s\/thDtPGAg1DF2AFsggHRrVg\"><b>white paper<\/b><\/a><b> outlining the way forward for leading Web 3.0 innovation and development<\/b><span style=\"font-weight: 400;\"> that could lay the groundwork for the renaissance of China&#8217;s crypto-asset industry.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the US government, chastened by the collapse of FTX &#8211; the world&#8217;s third-largest crypto-trading platform at the time &#8211; <\/span><a href=\"https:\/\/www.bloomberglinea.com\/2023\/06\/09\/binanceus-sera-excluida-del-sector-bancario-tras-demanda-del-regulador-de-eeuu\/\"><b>excluded<\/b><\/a><b> Binance from the banking sector after a regulator&#8217;s lawsuit<\/b><span style=\"font-weight: 400;\">, as it considers implementing more restrictive policies in the cryptocurrency sector. These developments contrast with the position of the Hong Kong government, which is <\/span><a href=\"https:\/\/www.cripto247.com\/comunidad-cripto\/hong-kong-presiona-a-los-bancos-para-que-acepten-exchanges-cripto-como-clientes-231248\/\"><span style=\"font-weight: 400;\">pressuring<\/span><\/a><span style=\"font-weight: 400;\"> big banks to accept cryptocurrency platforms as clients.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The possibility of this new regulatory approach becoming a reality prompted Brian Armstrong, chief executive of Coinbase, to <\/span><a href=\"https:\/\/www.marketwatch.com\/story\/coinbase-ceo-americas-future-as-a-global-technology-leader-is-up-for-grabs-c3a9c6ae\"><span style=\"font-weight: 400;\">warn<\/span><\/a><span style=\"font-weight: 400;\"> that <\/span><b>the application of more restrictive policies in the US crypto-trading sector benefits China<\/b><span style=\"font-weight: 400;\">: &#8220;Given these moves and China&#8217;s strategy of leveraging financial technology to protect its own national interests, it should come as no surprise that Hong Kong is positioning itself as a global cryptocurrency hub&#8221;.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.11onze.cat\/en\/cryptocurrencies-11onze-recommends-bitvavo\/\"><b>11Onze Recommands Bitvavo<\/b><\/a><b>, cryptocurrencies easily, safely and at a low price.<\/b><\/p>\n\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n<div class=\"component cards\">\n  <div class=\"container\">\n    <div class=\"row\">\n      <div class=\"col col-xl-8 offset-xl-2\">\n        <h1>If you liked this news, we recommend:<\/h1>\n        <div class=\"cards__wrapper\">\n          <div class=\"card\">\n            <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/cryptocurrencies-what-are-main-uses\/\" class=\"card-link\" target=\"_self\"><\/a>\n            <div class=\"card-img\">\n              <img decoding=\"async\" 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