Hong Kong is taking the first step to legalize individual crypto investment.It has been announced that the Hong Kong Government has prepared a bill that will legalize individual crypto trading in the autonomous region. According to the announcement, government officials have started some talks with the individual investor group in crypto trading. Hong Kong has also started inviting crypto companies to the region. The Hong Kong Government was already expected to take significant steps towards adopting crypto companies and investors lately.
He will act as an advisor to the Hong Kong Securities and Futures Commission (SFC) on how retail investors will gain access to cryptocurrencies. In addition, the government has stated that it will also be open to exchange-traded crypto funds (ETFs) in financial markets. The Hong Kong Government, which is also keen on giving ownership rights to tokenized assets, is on the way to legalize smart contracts. In addition to adopting the crypto sector, Hong Kong also wants to be mindful of the risks that may arise. Government officials underlined in a policy proposal that they will attach importance to education and take the necessary regulatory measures.
Alongside these developments, the government said that some pilot studies are underway to test the technological usability of crypto assets. These include projects such as e-HKD tests as a digital currency, NFT issuance and green bond tokenization.