The Hong Kong government will announce its ambitions to develop the city into a top virtual asset hub during the upcoming FinTech Week.
Hong Kong’s FinTech Week will take place between October 31 and November 4, with the local government intending to announce a framework for developing the city's virtual asset market, according to a blog post (Chinese only) by Financial Secretary Paul Chan.
«The SAR government will release a policy statement on the development of virtual assets […] covering our vision and strategy, regulatory regime, and attitude towards opening up investors’ access to virtual assets. and their technological advantages,» Chan said over the weekend.
«The policy statement will clearly express the government's position, demonstrate to the global industry our vision to develop Hong Kong into an international virtual asset center, and our commitment and determination to explore financial innovation with the global asset industry.»
Competing with Singapore
Hong Kong was regarded as an early mover when it created a licensing regime for virtual asset service providers (VASP) two years ago, but retail market restrictions limiting client access to professional investors only (individuals with about $1 million or more in investable assets) have driven many crypto players to rival hub Singapore.
The city-state has issued around 15 in-principal approvals to provide digital payment token services under the Payment Services Act and the country’s largest bank – DBS – has also launched its own exchange for crypto trading. The DBS Digital Exchange recently expanded access to include clients from its affluent segments.
The upcoming FinTech Week will feature participants from 500 companies worldwide, including 200 speakers. According to Chan, Hong Kong is home to more than 600 fintech companies, of which about one-third are from overseas.
