Bitcoin Forum

Good news for bitcoin enthusiasts and crypto investors in Hong Kong after the government launches its first bitcoin and crypto trading platform.


https://www.coindesk.com/policy/2023/08/03/hashkey-wins-hong-kongs-first-crypto-exchange-license-to-serve-retail-customers/?outputType=amp

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In light of this, what potential value will this add to the people of Hong Kong. This platform is a centralized exchange and will be regulated by the government in the country. Do you think this move is a good one for the crypto adoption there and won’t the government be so strict with the use owing that it will be regulated by them fully?

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

all exchanges are centralised and regulated.. so not big/negative news about that.. its just standard practice


the real news is that hongkong is a gateway for chinese citizens, which means that chinese people can now again trade bitcoin, whereby china previously banned bitcoin trading

Adoption is the one who will answer that. If the government finds that individuals are ready to deal with cryptocurrencies and that the ban will not produce a positive result, then they will consider dealing with these currencies as a matter of fact, imposing taxes on them, and establishing central platforms to ensure monitoring of depositors’ money and easy tracking of currencies, thus maintaining financial stability and expansion. in taxes.

Hong Kong will not be the last if this experiment succeeds. The rest of the countries will find an opportunity for more tax money and will follow the example of Hong Kong if the idea finds a successful application.

Hong Kong has their government so any centralized exchange in that country will be regulated by their government and local laws. They can shut down that exchange any time.

It will be worse if Hong Kong be invaded by China mainland government and that scenario can not be excluded with more harsh activities from China mainland government recent years as well as the policy of their President Xi JinPing.

Their government is friendly with Bitcoin and cryptocurrency now but they can change their policies and regulations in future. Like India or some nations in Europe, governments have lot of power to change many things in their nations.

The official launch of bitcoin and crypto trading platform in Hong Kong will have both positive and negative aspects for bitcoin adoption.

Regulation will attract more new users, and regulation by the government inspires confidence for the majority of the country's citizens. People unfamiliar with the ideas of financial freedom afforded by bitcoin will see this as a good indicator, and therefore I assume that this event should act as a good catalyst. But on the other hand, this platform will be tightly controlled and there can be no talk of confidentiality and privacy. Government authorities will know absolutely everything about the users of this platform and will be able to collect any taxes, and possibly, if necessary, block users' accounts on this platform.

In the short term, this news will have a positive effect, but in the long term - negative for digital freedom. No matter how we react to this event, we can no longer change the consequences.

Will China allow this? AFAIK Hong Kong has special type of government that gives them a little bit of separation from the Mainland China. I didn't read the full scooe of this exchange but I doubt China will permit this exchange to accept people form the Mainland. Correct me if I'm wrong because it's nonsense that they still ban all form of cryptocurrency use on their mainland and allow their people to use Hong Kong to bypass their law.

Most of these centralized platforms put in much money into advertisement which means more people will know more about Bitcoin. But the problem is that many shitcoin will also be promoted. Regulation leads to centralization and the latter defeats the main purpose of bitcoin. This move by HashKey Exchange and OSL Digital Securities Ltd is not to promote bitcoin but to make profit. These firms can do anything possible to make profit, they don't care about the success of bitcoin.
More crypto-related jobs will be created and the government will collect more tax. There will also be high liquidity in the market and traders will have more options. It will also be great if the exchange or customer deposit is insured by the national deposit insurance (Hong Kong Deposit Protection Board).

If those people there doesnt care of Government rules about crypto regulations of Hongkong maybe theres no problem. Surely few will hesitant to use it due to privacy reason but who knows how this will turn out since they just started. But this means that the crypto are now being accepted already and thats one part of advance in adoption.

Yes I am also confused on whether the Chinese government will impose any restrictions on Hong Kong for this. However, Hong Kong follows different customs and their governance system is also different from China. But even though the Chinese government speaks against it, Hong Kong will be able to implement it, but they may have to go through some trouble. But it's admirable that Hong Kong is legalizing crypto despite China banning it.

This is not the big catch yet because government will  be the one to first feast on the exchange because they will regulate it and collect tax from them, anything that relates with crypto which is centralized is what the government will always hang around to feast on just as the case of the Indians government taxation on every users over transaction, maybe there's more to let the people get the awareness of in knowing the intentions of government over their financial situation and plan over any centralized cryptocurrency exchanges, but they can't try such with a decentralized network.

That's good news anyway; Hong Kong is already separated from China because it has its own government. That's fine, obviously, that's under the centralization of the Hong Kong government, of course. And there will be gradual adoption there at the moment.

And probably the other crypto enthusiasts there will also have an advantage because Hong Kong has already launched it.

china do not want to separate hongkong from china. if china started to say that only hongkong citizens can do X and mainlanders cant. then that forms a separation.. which china never wants.
yes they have separate laws but mainlanders can use the services of hongkong

think of it like canada and US have different laws. but that does not stop someone in canada from buying produce from the US, nor does it stop a canadian from using a US exchange
even things like. if a US state bans gambling. it does not stop a US citizen from going across state lines to then gamble in a gambling allowed state. the citizen wont get arrested when they return home

another for instance.. the US currently is not allowing a spot ETF.. yet europe and australia do have spot ETF's which US citizens can use

Definitely a good move by the Hong Kong's government. Being strict is subjective but you can expect what to expect from them by approving these exchanges since they're regulated.

Not just entirely for the crypto community there but also for the government because it will serve more tax matters. And with the goal of its government to capitalize everything that they can gain tax to, they'll do it and that's why this is an initiative that proves of their goal to attain a certain target for their recovery plan due to covid-19 effect and global economic crisis.

It was the strongest opinion of China, based on this they use to create a Five finger policy which include the Hong Kong.It's all based on the people opinion,the people in Hong Kong may need of cryptocurrency for now.The government may secretly find out the number of cryptocurrency based traders in their country.If I was not wrong the people who uses cryptocurrency may be above 60 percentage of the younger population.This may trigger the Hong Kong to start the trading platform.This will be the good news for the traders for sure and for us.When the government officially announced means the demand for cryptocurrency and Bitcoin will going to increase the maximum value.So it's essential for elder people to hold your holding bitcoin.The price of bitcoin will increase to new all time high value soon.

Its long overdue for a highly technological country!!! Btw, this works in bitcoins favor as sooner or later other countries around the world will feel left out in this fintech adoption, and will be forced to accommodate cryptocurrencies with a favorable regulatory framework..which translates into demand for crypto.

Am just hoping China won't be knocking on Hong Kongs doors in trying to dictate how they should be running the country or using their financial freedom because we have seen how these guys tried to suppress their freedoms some few months back.

I think people in Hong Kong don't really need this.
There are so many physical exchange shops where you can buy and sell any coin with great fees and mostly without any KYC.

I only made good experiences with those shops and can only recommend them. ATMs are also available, and I mean many of them, but the fees are not good to be honest;

Will go to HK in 2 weeks, let's see if this is up and running then already.

AFAIK and as I read before in articles they called it "one country, two systems" so I think Hong Kong now has a separate law that doesn't depend on China.  Hong Kong's government has its own regulatory authority and can regulate and oversee activities within its jurisdiction, including centralized cryptocurrency exchanges, so if a centralized exchange operates within Hong Kong, it would be subject to local laws and regulations and China won't be able to stop it.

This is good news and it could increase adoption, people can still have crypto even if it's regulated so I think this is the best way for them.
Higher adoption rates would likely lead to increased awareness and acceptance of cryptocurrencies and blockchain technology among the general public, potentially making them a more integral part of everyday financial transactions.
IMO, it's a good news.

Agreed that small minnows like you and me might not need this, however, there are also whales in Hong Kong who want to trade cryptocoins with size and they need a professional platform with marketmakers that can handle their liquidity and cashflow. Also, this platform will open access to instutional investors.

This is very much needed if we want more cashflow from China to go into the cryptospace.

If you look at it broadly, the existence of a crypto exchange platform will actually have a good impact. Because then, the development of crypto and bitcoin in Hong Kong will further develop. But with the regulation of the exchange platform by the government as a whole, in my opinion, this is what will become uncomfortable for crypto investors in Hong Kong. Because then, like the opinion that OP wrote, there will definitely be rules and conditions imposed by the Hong Kong government, which might be very strict or could be like implementing a fairly large tax system. Whereas investors in crypto, as I know, really don't like things that smell centralized, and are regulated by the government.
But even so, with the creation of a new crypto exchange platform in Hong Kong, I think it will definitely have a pretty good impact on the progress of bitcoin and cryptocurrencies.

It is true, with the creation of a crypto exchange platform, cryptocurrencies like bitcoin are likely to become more popular in Hong Kong society. But can crypto currency become popular quickly?, I also can't predict it for now. Because the exchange platform is also very newly created. So I personally also don't get a picture of how crypto investors in Hong Kong and other Hong Kong people (not crypto investors) will react.

I'm curious about this particular regulatory framework, the problem is that the emergence of new centralized exchanges is no longer a joy for us (it's even bad news because it means the growth of centralized entities is thriving). As for the expected implementation and adoption, it will not work as intended for bitcoin, it will only go through government-approved fintech platforms.

Yeah when I heard about this a year back I assumed it would be very bullish because it would bring tons of money into the crypto market. However whenever we got news that it was finally a reality and trading would be allowed, nothing happened. And the price is still not exploding due to this news.

I think the people who wanted to own bitcoin already did in alternate ways and those that want to buy bitcoin won’t do it now but only when bitcoin breaks ATH. Many believe Bitcoin is dead right now because it’s trading sideways for many months.

This is a plan for containment, not adoption, since the government failed to prevent people from trading in cryptocurrencies, it decided to create a fully monitored, centralized platform to allow all citizens to work with cryptocurrencies under its full monitoring and control.

In any case, the centralized exchanges that are subject to the government remain much better than the centralized exchanges owned by people or companies, at least users can be guaranteed to get their money back in the event of any exchange accident because the government is directly responsible.

This news makes me happy because I've always believed in Bitcoin. A democratisation of access to these digital assets is shown by the choice to cater to retail customers.

Such tactical actions strengthen Hong Kong's status as a financial powerhouse in addition to opening up a world of investment opportunities for common people. Its intriguing to watch the interplay between the emergence of digital currencies on the one hand, and the complex market dynamics at play as businesses compete to profit from this expanding sector.

And can we just appreciate for a second how crazy it is to aspire for a $1 billion valuation? absolutely outstanding This kind of bold thinking will advance the cryptocurrency movement and transform it from a niche hobby to a crucial part of the world' financial system.

New regulated exchanges from Hong Kong and later Shanghai will start everything slowly and do a whitelisting process. The only cryptocoins that will be listed in the beginning are Bitcoin and Ethereum. You can confirm by going to Hashkey exchange, the first legal exchange in Hong Kong.

I reckon in a confirmed bull market, the whitelisted projects being prepared for listing in Chinese exchanges might be the source of much speculation, very similar to when Binance speculations we have witnessed hehehe.

That's a good News to hear for the official lunch of Bitcoin trading platform in Hong Kong, the capital city of China and approved by government official, that is a great step in the cryptocurrency industries market adoption and I believe sooner other countries will be accept Bitcoin in the country.

Yes, but all things considered this is a positive thing when the market sentiment will turn bullish. The more possibilities users have to purchase crypto the better.
We want to promote decentralisation of onramping as much as possible to limit of possibilities of one exchange taking the whole market with it.

Hong Kong has been known as the best commercial city in the whole of Asia as a continent. It is not for nothing that it still remains pivotal towards the growth of technologies and adding a bitcoin trading platform to it doesn't sound like rocket science to me as it has been long over due.

A place with much impact such as Hong Kong should be leading in technology and this is just a step in the right direction.

Hong Kong is the most popular for business & trade. That means Hong Kong wants to include crypto as well in their business portfolio. Since Hong Kong is controlled by China now, China agreed to allow Hong Kong to run a crypto exchange that will enable Chinese traders to trade crypto. So it is good news for Chinese people. Besides I don't see much impact on the market for this news. But if China is influenced to ban crypto again then it will have a big negative impact on crypto industry.

Hong Kong is a business city and for them to still keep a ban on Bitcoin will not help her citizens at all although that's a good news but it's still a centralized exchange that is regulated by the government. The government will still have access to individual accounts and sanction anyone in case anything happens or they want to gain access to individual's portfolios. This will give the Chinese people access to cryptocurrency and also attract other centralized exchanges that wants to be regulated by them.

A person who uses centralized exchanges cannot be concerned about the privacy or security of their personal details and information because almost all the centralized exchanges are regulated by central authorities and they can always have all the information they require about any user if they ask a centralized exchange for it. So, I don't think that it is much of a concern if the exchange is regulated by the government as that is now a normal thing.

This can actually be a good thing if we see it from an adoption perspective since a lot of people who might have not been able to get into crypto just because of lack of accessibility will now be able to get on board using the exchange which will have a positive impact on the overall adoption level of cryptocurrencies.

Most centralized exchanges especially the local ones, are already implementing KYC to its users.
This is due to the fact that they are under the regulation of Central Bank.
And people are continuously using their services because this is one of the trusted platforms to convert their crypto to fiat and vice versa.
Hence, people are not complaining about such developments like this rather than trade with scammers that you have no assurance that you will get your money back.

I've got a couple buddies whom live in Hong Kong that I chat with on a semi-regular basis.  I think this is of course a great thing for bitcoin as well as Hong Kong.  What's more, the fact that Hong Kong (semi-Chinese owned) is even doing this in the first place, despite the fact that China has banned bitcoin (and I think all cryptocurrencies except for the digital yuan , if I'm not mistaken).

Although what you say is true and we want more people to use bitcoin what my colleague says has a point in favor, it is excellent news that Japan and other regions continue to promote this, it is actually what most expect, but We cannot cover our eyes and not realize that what they do always leads to centralization, it is difficult for governments not to have control over something, for this reason they will always look for a way for things to be done under laws and terms, so that they do not it gets out of hand and it's not that only this country is looking for this it's something that happens in general, everyone when they create their maneuvers to allow bitcoin and cryptocurrencies they do it with this approach, maybe for that reason they retract their decisions later and they change the whole panorama, once again restricting digital assets by not achieving their goal, it is sad but it is the reality, they still do not understand the magic of bitcoin and how to really use it.. I just hope that despite this the market moves in favor and we can see reasonable increases in the graphs.

Big W for Asia and I am proud of it.
If China really doesn't want it then for sure there must be no Bitcoin firm just like this newly launched Hongkong trading platform at all in China locations even in Hong Kong.
For sure they are cooking something.

China has no choice, I reckon. They will need all sources of liquidity to energize their economy after their strict coronavirus lockdowns. I speculate that within the next 2 years we might witness a regulated exchange open in Shanghai to encourage inflows of liquidity through the cryptospace. If they do not do this, all these cashflows will instead go to the jurisdictions surrounding them hehehe.

yet still we are waiting for what would be the effect from market , because this happens already but the market stays lowering ,
what I was looking is the positive effect and how much that Hongkong people contribute in using the exchange.
but since Hongkong is already separated from china(hope they are truly are)
then there will be an impact to happen in the coming months .

The Chinese government have come to a realization that they are the ones on the losing it, despite their ban on cryptocurrency the citizens still pull off some channels to continue in their use of cryptocurrency. Initiating a centralized exchange platform for the adoption of crypto trading is a win win action for both the HongKong government and her citizens.

The government in their regulatory policies over the platform also benefits in tax remittance to them while the citizens are insured of their money under the platform since it owned by the government there's security of their funds to be refunded if anything should go wrong with the exchange unlike other exchanges run by private individuals and groups.

Setting the pace, the success of this on the economy of China in the next few years can attract other governments to follow same route in bitcoin adoption in their country paving way for more bitcoin adopters.

As far as I know, in Hong Kong, and without any exchanges, the crypt felt quite well. Why was it officially done? To collect taxes from people. After all, before this event, the majority simply ignored this aspect, and such a thing is not included in the plans of the state. I don't see any other explanation.
What? Will crypto become more popular? Does this area need it? I do not think so. Popularity to this day is quite good. If only all of China would adopt a single law that allows the free circulation of all cryptocurrencies, then the process would go in a completely different direction.
Hong Kong has become a kind of test experimental zone.

No doubt it is good news but for your kind information Hong Kong government is not fully independent as it is a semi-autonomous region which means the Hong Kong government is in the hands of China up to a certain limit and I appreciate the move of Hong Kong to words bitcoin as china's government ban it in their counrty.
Besides this HashKey which is a cryptocurrency exchange take two types of license from the Securities and Futures Commission (SFC) of Hong Kong. The first one is the Type 1 license which allows HashKey to launch a virtual asset trading platform under Hong Kong securities laws and the second one is the Type 7 license which allows the exchange to offer automated trading services to institutes and retail users.

Well, this is surely big news. However, there is of course a positive and negative effect that this launch has. First, it will cause a positive effect in a way that more people will hear about Bitcoin and be interested in it, high interest means possibly more people joining and using it. However, the counterpart of this is that the government will be able to have control over it, and privacy and security will possibly be out of the window. Additionally, there is the possibility of tax being applied as it is the most possible move the government can make to get something out of this. Lastly, there is also the issue of China banning Bitcoin trading, I'm sure Hong Kong will have to answer to some limitation regarding this as China still have some sort of legal authority with Hong Kong.

Generally, this change will have a positive effect on the popularity of Bitcoin, but it will surely have a negative effect on security and legal discussion in the long run.

Some days ago I booked my Hong Kong flight which is in some days.
When I am there I will check if there is something new to report on. Some months ago when I was there it was crypto heaven, thanks to these news maybe it becomes even better.

I wish life in Japan regarding to crypto would be as smooth as over there!!

News update.

Hashkey Group's investment firm has declared that they will invest more than half of their funds in altcoins. This very much coincides with the speculation that the Chinese projects that we have not heard of might have the biggest pumps in the cryptospace in a confirmed bull market.

I reckon their strategy might be similar to FTX and Alameda research where the owner of the exchange and the investment firm are from the same group. However, I wish it will be more managed properly hehehehe. Wait for whitelisting announcements from Hashkey.



The Hong Kong crypto investment firm’s portfolio manager said less than half of the fund’s holdings will be in bitcoin and ether, adding that it will instead diversify allocations to altcoins.

HashKey Capital, the investment arm of Hong Kong crypto financial services firm HashKey Group, on Friday launched a secondary market crypto fund that’s set to invest heavily in altcoins, according to a Reuters report.

Reuters reported Thursday that the fund has secured potential clients, including high-net-worth investors and Asian family offices, citing the firm’s portfolio manager, Jupiter Zheng Jialiang. The firm ultimately aims to raise $100 million for the new fund over 12 months, according to Reuters. HashKey Capital, which has over $1 billion in assets under management, closed its third venture fund at $500 million in January.

Source https://www.theblock.co/post/248631/hashkey-capital-forms-liquid-fund-with-heavy-altcoin-focus-reuters



Cointelegraph sometimes are very bullish and misinterpret news reports. However, another news update from China.



A People’s Court in China published a report on the legality of virtual assets, analyzing the criminal law attributes of these digital assets. The court noted in its report that virtual assets under the current legal policy framework are still legal property and protected by law.

The report titled “Identification of the Property Attributes of Virtual Currency and Disposal of Property Involved in the Case” acknowledged that virtual assets have economic attributes and thus can be classified as property, reported a local daily. Although China has deemed all foreign digital assets illegal by imposing a blanket ban, the report argues that virtual assets held by individuals should be considered legal and protected by law under the current policy framework.

Source https://cointelegraph.com/news/china-court-declares-virtual-assets-as-legal-properties-protected-by-law-report

I've been in Hong Kong once in 2019 where I have attended the Token 2049 and Ethereum Supermeetup featuring co-founder Vitalik Buterin.

Before the event, I have visited some of the Bitcoin ATMs there.

Fast forward to today, I don't think this news would create such impact in Bitcoin's price. Although that this is much better than the outright ban, it's just that you do not have the "keys to the kingdom" to fully control your Bitcoins.

As long they are being controlled and regulated by the Hong Kong government, do not expect full ownership of whatever amount of Bitcoin that you have in these trading platforms being mentioned.

I don’t get you. What do you mean by it’s own bitcoins? Does this mean that it’s own coin which is centralised in nature. If we do proper research, then it can be easily concluded, that the exchanges are also centralised. So they will keep a track of how many Bitcoins or alts you own. So this isn’t a great news for the Hong Kong people to be honest. But yes the Chinese will now have a path to trade the Bitcoins. Let’s see what Hong Kong does next.

Even though it's a centralized exchange, I think it's good news for people in Hong Kong that there's a legal way to purchase Bitcoin and Ethereum and perhaps do some trading. It's a shame that it's only for Hong Kong, though, as it's only a small part of China. I don't see it as a gateway for Chinese citizens in general if it's that region-locked.
If my country had one region where cryptos could be legally traded with a restriction for the rest of the country, I don't think I'd relocate just for that or that I'd regularly visit just for that. So it's more of an illusion of a gateway to me.

Agreed, the news will not, however I would argue that if you are implying that Hong Kong's regulated entry will never bring in new cashflows that would have a positive effect on the price, you are wrong. It will not only be the small minnows similar to us who will bring inflows of fiat to the cryptomarket. It will also be investment firms, hedgefunds and other types of institutional investors. The China is back storyline and hype will start on 2025 after the institutional investors have fully positioned themselves and retail investors will be their exit liquidity very much similar to the past bull to bear market transitions hehehe.

Isn't this country, Hong Kong, still covered by the country of China? Does this mean that what Hong Kong has done is a new beginning and that the country of China is gradually returning to believing in Bitcoin or cryptocurrency? Or could the other big investors in China have already positioned themselves and are preparing for the upcoming bull season in 2024–2025?

Besides that, even if we say that it is a centralized exchange, it is still good news for all communities, not only in Hong Kong but also in the whole world, to know about it. Because that's a big help for Hong Kong citizens who believe in Bitcoin or crypto. Hong Kong is one step ahead of innovation when it comes to the cryptocurrency business industry.

Vitalik has raised his concerns on the stability Hong Kong's friendliness on the cryptospace which are expected and unsurprising. However, if China really wants to chase their blockchain ambitions, they certainly will have no choice and accept the reality that they will also need Shanghai to welcome the cryptospace. I speculate that this will be the first sign that China's policies towards the cryptospace will be more stable and it will have a lower chance of being anticrypto again.



Hong Kong legislator Johnny Ng has extended an invitation to Buterin to gain a firsthand understanding of the region's regulatory environment and crypto-related strategies after the Ethereum co-founder questioned the city's crypto-friendliness.

Ng asserted that Hong Kong boasts a stable policy framework for cryptocurrencies, emphasizing that its strategies and regulations have garnered broad social consensus and have undergone comprehensive procedures.

Ng further highlighted the city's willingness to develop policies surrounding virtual assets, welcoming global compliance companies to establish their operations in the region.

Buterin had expressed concerns regarding the long-term crypto-friendliness of Hong Kong.

He noted that while the city currently appears crypto-friendly, it is essential for crypto projects to have confidence in the region's ongoing friendliness, considering potential regulatory, political, and other unforeseen events in the future.

Source https://cryptonews.com/news/hong-kong-lawmaker-addresses-vitalik-buterins-concerns-on-citys-crypto-friendliness.htm

News update.

According to this article Standard Chartered backed Zodia Custody, an institutional custodian for cryptocoins, tokens and assets has entered the Hong Kong market. It appears that we might have more of these types of news from Hong Kong and also maybe Shanghai hehehe.

Inflows from China will be bullish.



Crypto custody solution Zodia Custody, partly owned by the UK multinational banking institution Standard Chartered, is expanding its services to Hong Hong Kong as part of its latest push into the Asian market.

Meanwhile, Hong Kong continues to serve as a major attraction for crypto companies looking to set up businesses in a cryptocurrency-friendly environment.

Source https://cryptopotato.com/zodia-custody-enters-hong-kong-market-report/

The launch of Hong Kong's first centralized Bitcoin and crypto trading platform, regulated by the government, carries both opportunities and challenges for the local community. On the one hand, it signifies an important step toward broader crypto adoption in the region. As the government is actively regulating it, it could foster trust among users and investors, leading to increased participation in the crypto market.

However, the regulatory oversight may also raise concerns about privacy and control. With full government regulation, there may be limitations on anonymity and personal ownership of crypto assets, as the government could potentially have access to transaction data.

Nonetheless, it's important to note that increased visibility and regulation can contribute to a safer and more transparent crypto ecosystem. This move aligns with the global trend of governments seeking to strike a balance between fostering innovation and protecting against illegal activities within the crypto space.

In the long run, this development could facilitate the mass adoption of Bitcoin and other cryptocurrencies in Hong Kong, as it provides a regulated and secure environment for individuals and businesses to engage with digital assets. The key will be finding the right balance between regulation and privacy to ensure that it benefits both the government and the crypto community at large.

agreed,
lots of people are still hesitant about bitcoin thinking that it is nothing but a pyramid scheme
but with the backing of the government for sure a lot will change their minds about bitcoin and will become interested in participating

the government is cautious about how one can obtain bitcoin without so much as sharing their real name this might allow for increased illegal activities in which the government will definitely eager to lessen or prevent
ive read that it’s still in the talks whether the authorities would be given permission to freeze assets of a person or not as they will

I think that most people in Hong Kong are not difficult to educate or raise awareness about cryptocurrency or Bitcoin. So for me, the initiative that their government is taking there regarding Bitcoin or crypto that is being spread there is still good.

At least if you have a friend in Hong Kong or you have relatives who will live there, at least there is another alternative way for you to send money there through crypto or Bitcoin, right?