{"id":610574,"date":"2023-02-22T01:51:01","date_gmt":"2023-02-22T07:51:01","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/22\/chinese-government-approves-of-hong-kongs-crypto-plans-bloomberg\/"},"modified":"2023-02-22T01:51:01","modified_gmt":"2023-02-22T07:51:01","slug":"chinese-government-approves-of-hong-kongs-crypto-plans-bloomberg","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/22\/chinese-government-approves-of-hong-kongs-crypto-plans-bloomberg\/","title":{"rendered":"Chinese Government Approves of Hong Kong\u2019s Crypto Plans: Bloomberg"},"content":{"rendered":"

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Hong Kong\u2019s recent pivot to becoming a crypto hub is reportedly being made with Beijing\u2019s subtle blessing.<\/h2>\n<\/section>\n
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Key Takeaways<\/h3>\n
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Hong Kong is gearing up to become a crypto hub.<\/li>\n
The Chinese government is giving subtle hints of approval towards the plan.<\/li>\n
Yesterday a Hong Kong regulatory body outlined conditions under which retail investors would be allowed to purchase cryptocurrencies.<\/li>\n<\/ul>\n<\/section>\n
China is dipping its toes back into the crypto world by allowing Hong Kong to open up to the market.<\/span><\/p>\n
One Country, Two Systems<\/b><\/h2>\n
The Chinese government seems keen to relax its draconian anti-crypto stance\u2014at least in Hong Kong.<\/span><\/p>\n
According to <\/span>Bloomberg<\/span><\/a>, Chinese officials have been giving subtle hints of approval of Hong Kong\u2019s recent efforts to position itself once again as a crypto hub. The report indicates that, although Beijing isn\u2019t anywhere close to making crypto legal on the Chinese mainland again, it seems willing to let the city develop its crypto industry.<\/span><\/p>\n

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The involvement of China\u2019s Liaison Office in Hong Kong\u2019s recent crypto gatherings has been one of many good signs. Officials have reportedly been swapping business cards and contact details with crypto industry leaders in a friendly manner, even going so far as to making follow-up calls on projects.\u00a0<\/span><\/p>\n
Another way the Chinese government has shown its approval is through explicit endorsements of the city. People\u2019s Bank of China governor Yi Gang recently delivered speeches on China\u2019s central bank digital currency and the government\u2019s close cooperation with Hong Kong at key Hong Kong events.\u00a0<\/span><\/p>\n
\u201cAs long as one doesn\u2019t violate the bottom-line, to not threaten financial stability in China, Hong Kong is free to explore its own pursuit under \u2018One Country, Two Systems,\u2019\u201d National People\u2019s Congress member Nick Chan told Bloomberg.<\/span><\/p>\n
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Hong Kong\u2019s Securities and Futures Commission proposed yesterday in a consultation paper to allow retail investors the ability to trade large-cap cryptocurrencies on licensed exchanges, provided they meet several requirements. The implementation of knowledge tests, risk profiles, and reasonable limits on allowable exposure would be necessary for exchanges to gain such licenses.\u00a0<\/span><\/p>\n
Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.<\/span><\/i><\/p>\n
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n
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Hong Kong\u2019s recent pivot to becoming a crypto hub is reportedly being made with Beijing\u2019s subtle blessing. Key Takeaways Hong Kong is gearing up to become a crypto hub. The Chinese government is giving subtle hints of approval towards the plan. Yesterday a Hong Kong regulatory body outlined conditions under which retail investors would be<\/p>\n","protected":false},"author":1,"featured_media":610575,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[933,284],"tags":[],"class_list":{"0":"post-610574","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-chinese","8":"category-government"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/610574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=610574"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/610574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/610575"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=610574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=610574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=610574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}