Hong Kong's government has proposed allowing retail investors to trade in cryptocurrencies and crypto exchange-traded funds - a move it hopes will help it rebuild its fintech hub status.
The city, which previously proposed limiting crypto trade to professional investors, has seen planned rules for digital assets heavily criticised for stifling innovation, prompting a slew of start-ups to move to other markets such as Singapore and Dubai.
"We want to make our policy stance clear to the global market, to demonstrate our determination to explore fintech with the global virtual asset community," he said. These moves are likely to pave the way for real estate security token offerings , industry players said. STOs are blockchain-based tokens that represent ownership interests or entitle holders to income or dividends generated from real assets.
"Industry participants want to see consistency in the global regulatory regime, otherwise there will be opportunities for bad actors to exploit loopholes in jurisdictions with less rigid laws," he said.
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