Hong Kong's Plans to Legalize Retail Crypto Trading

[WillyAp]

Bloomberg wrote
Hong Kong Plans to Legalize Retail Crypto Trading to Become Hub.

Hong Kong is pivoting toward a friendlier regulatory regime for cryptocurrencies with a plan to legalize retail trading, contrasting with the city’s skeptical stance of recent years and the ban in place in mainland China.

Source: https://www.bloomberg.com/news/articles/2022-10-27/hong-kong-plans-to-legalize-retail-crypto-trading-to-become-hub

On the other hand the US Government seems to be ready to create an unpopular legislation in spite of millions of their very own crypto enthusiasts,
 I wonder why?

The report covers a multitude of topics ranging from unemployment, supply chain challenges, climate change, and of course, cryptocurrency. To say the report is less than friendly to crypto might be an understatement, but let's take a look at some of the key points.

https://www.fool.com/investing/2023/03/29/why-im-not-worried-about-biden-crypto-regulation/

[1714912338]

1714912338

[avikz]

It's a perfect example of - when a door closes, numerous others open up! If US government have decided to go strong against bitcoin and related activities, there will be multiple other countries opening up their doors to welcome similar businesses. Singapore has been doing it since some time now. When Indian government decided to cut off banking services for the crypto companies, Zebpay moved out their business to Singapore and they are now providing services to 30 countries from Singapore. India lost the opportunity and Singapore gained. That's what always happens.

It's a world of decentralization. US should not become a powerhouse for everything. That changes the balancing game.

[electronicash]

while the US is close to banning crypto, China is doing the opposite to the Hongkong. this is a place for the Chinese to make invest in crypto while it is also banned on the mainland.

Regulators are seeking to allow listings of bigger tokens but won’t endorse specific coins like Bitcoin or Ether, the people said, adding the details and timetable have yet to be finalized as a public consultation is due first.

here is something to worry though because they may just be interested in the tokens that the Chinese are developing. of course, they will have something to compete with the world while we use ETH, they may have that NEO.

[Outhue]

It feels good to hear this kind of news about crypto but I won't rely on it because this isn't the first time, China welcome crypto with an open arms and later backstab crypto, this has been happening for a long time, ban today and unban tomorrow, it looks like a competition to me, why now after the US decide to go unfriendly with Bitcoin and crypto?

There is a rumor that Web3 with the blockchain is why HongKong is might interested in digital assets but I still have my doubts, coming from a country that has strictly glare on crypto mining in the past.

[Freddie Boyer]

I think Hong Kong's decision to legalize retail crypto trading is a significant step that signals a friendlier regulatory environment for cryptocurrencies. This contrasts with China's ongoing ban on cryptocurrency trading and shows Hong Kong's desire to position itself as a hub for digital asset trading.

For the United States I think there are concerns about the potential for the introduction of government regulations that could negatively impact the cryptocurrency industry. Nonetheless, some experts believe that the US government's approach may not be as harsh as feared, and that the industry will eventually adapt to the new rules introduced.

[Darker45]

Hong Kong has been on the news lately, and for good reason. It is a bit surprising and certainly a welcome development that despite the city being under China, a country generally averse to cryptocurrency, Hong Kong is moving toward the opposite direction. Rather than follow China's stance on crypto, it aims to be a cryptocurrency hub.

As far as the US is concerned, it seems it is also going the opposite direction. It has become too intolerant and too single-minded that it seems to have betrayed the very spirit of America. Strict policies are like betrayals to the very foundation of the land of the free.

[WillyAp]

here is something to worry though because they may just be interested in the tokens that the Chinese are developing. of course,

When changes appear we tend to worry but there is a bright side for each change as we can see.
As long as the company can switch OK for it, Litecoin, Bitcoin, BCH, Dasch among others those are decentral and you need to own Internet to 100% to make them disappear and if that.

There is a rumor that Web3 with the blockchain is why HongKong is might interested in digital assets but I still have my doubts, coming from a country that has strictly glare on crypto mining in the past.

Hehehe Web3 is a standart still not reached so stay better away from Hyping companies.

[yhiaali3]

I wrote in one of the threads that the United States' strict anti-cryptocurrency policy will lead to the migration of companies to other, more open countries.

This news indicates an insightful vision of the Hong Kong government in attracting companies that will leave the United States as a result of its strict policy. If this news is true, we will certainly see that most crypto companies will open their main offices in Hong Kong.

This will have a significant positive impact on the country's economy, also a positive impact on cryptocurrencies.

[WillyAp]

This will have a significant positive impact on the country's economy, also a positive impact on cryptocurrencies.

Sure so will the ETF, but not that much.

[YOSHIE]

On the other hand the US Government seems to be ready to create an unpopular legislation in spite of millions of their very own crypto enthusiasts,
 I wonder why?

Hong Kong has now become a country where everyday life is completely digital, Hong Kong people cannot live without digital, that is the fact that is happening there, We know that Hong Kong has now become a field for world investors and thousands of companies are investing there in the form of digital assets, so my understanding is that it is very natural that the law made by the government regarding crypto is for legal purposes, they want to make Hong Kong a central countrydigital-based global.

The information you mention here, it is all possible within reason.

Among the countries with maximum blockchain startups, Hong Kong has three blockchain startups per 100,000 people, which places it in second place on the list.

Switzerland tops the list with maximum blockchain startups, 12.9 per 100,000 residents or a total of 1,128, the report said.

Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey have the lowest crypto taxes as profits made from cryptocurrency trading are exempt from capital gains tax for individuals.

So considering the low taxes, it could make many investors flock to invest in Hong Kong. Plus, government support has enabled Hong Kong to implement positive laws for digital currency there.

[zasad@]

Twitter Member of the Legislative Council of Hong Kong
https://twitter.com/Johnny_nkc/status/1745278907807658145
"The US Securities and Exchange Commission (SEC) approved a spot bitcoin-ETF early this morning Hong Kong time. This move is an important step for the virtual asset market and also attracts more traditional investors and funds to invest in the virtual asset area. After the SEC adopted the spot Bitcoin ETF, I believe Hong Kong should dare to become a "leader" in the virtual asset field and lead the development of the whole industry through innovative policies.

1. The SAR government should promote the introduction of spot ETFs as soon as possible. The Securities Regulatory Commission has previously stated that it is willing to accept applications for spot bitcoin ETFs. I hope that with the rapid development and high competition of virtual assets, Hong Kong can take its place in the world as soon as possible. This will be the first opportunity to implement relevant policies and products in Asia and strengthen Hong Kong's ability to become a global virtual asset center.

2. Strengthening public education about virtual assets. With the growing attention on virtual asset products that meet global standards, the SAR government should immediately strengthen public education to increase citizens' awareness of virtual assets and reduce the number of criminals. Opportunity to use virtual assets to commit fraud."

[WillyAp]

One thing is sure.
Government can't be trusted. China has an uphill battle with their zickzack parkour.
The US gets in line once they learn that others benefit. We see that now. 

If you're considering an investment involving crypto assets, be cautious.
Crypto asset securities may be marketed as new opportunities but there are serious risks involved.

It shows a part of the reigning mind-set. Crypto is not to blame for fraud. Greed and the lack of caution is.

[zasad@]

https://www.thestandard.com.hk/section-news/section/2/259453/Hong-Kong-may-follow-suit-as-US-approves-bitcoin-ETFs
"Hong Kong may give the green light for spot crypto exchange-traded funds in the near future after US regulators for the first time approved ETFs that invest directly in bitcoin, but with words of caution.

The US Securities and Exchange Commission authorized 11 such funds from industry heavyweights BlackRock, Invesco and Fidelity to smaller competitors including Valkyrie to begin trading yesterday.

The ETF managers kicked off a fee war even before the approval."

[WillyAp]

"Hong Kong may give the green light for spot crypto exchange-traded funds in the near future

We can clearly see that they set crypto onto the same level as trading.
The reigning idee of making money is to trade, not P2P.

[Blackie@5]

When you talk about Hong Kong planning on doing this then is certain that is going to take place

Quote from: https://www.centralbanking.com/fintech/7960797/hong-kong-issues-worlds-first-multi-currency-digital-bond?cx_artPos=1&cx_experienceId=EX747UUZSC3C&cx_testId=3&cx_testVariant=cx_1#cxrecs_s

The Hong Kong government launched the world’s first multi-currency digital bond on February 7.  The HK$6 billion (US$767 million) of green bonds are available in US and Hong Kong dollars, euros and yuan. The bonds are listed on the Hong Kong Stock Exchange and will be processed on the Hong Kong Monetary Authority (HKMA) clearing and settlement system, with links to Euroclear and Clearstream in the US.

So I'm not surprised if they're trying to legalized it

[safar1980]

10 Hong Kong Institutions Gear Up for Spot ETF Applications
Recent reports from local media in Hong Kong indicate that ten financial institutions are gearing up to apply for the launch of Bitcoin spot ETFs in the region.

The Hong Kong Bitcoin move comes at a crucial time, with Bitcoin spot ETFs gaining significant traction in the United States and Hong Kong seeking the opportunity to transform from a follower to a leader in the global digital asset market.