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Blockchain News

“Hong Kong Will Soon Accept Cryptocurrency Through the Licensing System”

The Gate Group, which is the parent company of Gate.IO, recently met with regulatory officials in Hong Kong, where they discussed the possibility of Hong Kong making a full-fledged move to accept cryptocurrency.

The Gate Group revealed in an official statement that it had a meeting behind closed doors on the 21st to discuss the policy setting of the cryptocurrency market with the Hong Kong Securities and Exchange Commission (SFC), the Treasury Bureau (FSTB), Invest Hong Kong, and a number of companies in the cryptocurrency industry. The meeting was held to discuss the cryptocurrency market policy setting.

According to the announcement made by Gate Group, the SFC, FSTB, and Invest Hong Kong all participated in a question-and-answer session with a number of cryptocurrency industry companies in order to gain a better understanding of the market.

The Gate Group made the announcement that Hong Kong authorities are working on developing a regulatory framework for the cryptocurrency industry by introducing a licencing system.

The establishment of a transparent licencing system was identified as the essential component of the regulatory framework for the cryptocurrency industry in Hong Kong, which emerged as a result of the meeting. It has come to light that the authorities in charge of regulating Hong Kong are working on a model in which the SFC will be in charge of issuing licences to cryptocurrency companies and managing those licences.

Through its wholly owned subsidiary in Hong Kong, Gate HK, Gate Group has already been granted a licence.

The Chief Executive Officer of Gate Group, Han Lin, stated that “it was a great honour to be able to share ideas for the future of the Hong Kong cryptocurrency market.” thing,” was what he said.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.