Hong Kong is powering ahead with its ambitions to become a regional crypto hub as the West continues to clamp down on the industry.
Government officials have confirmed the city’s crypto commitments at the Hong Kong Web3 Festival this week as it aims to become a fully regulated crypto hub attracting investment and Web3 startups.
“I believe that everybody has learned from recent events that appropriate regulations are a must to create a sustainable development environment and a more ideal space for development.”, the Hong Kong Securities and Futures Commission also wants to regulate decentralized finance. The agency believes DeFi platforms will need a license which essentially means they won’t be DeFi.
“As such, as long as DeFi activity holds within the scope of securities and futures, it would be subject to the same regulatory requirements applicable to traditional financial activity.”
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