🚨Breaking news Hong Kong 🚀

Hong Kong continues to strengthen its position as a leading hub for cryptocurrency and digital assets. Here are some of the latest developments:

Regulatory Developments

Hong Kong's Securities and Futures Commission (SFC) has approved four additional cryptocurrency exchanges—Accumulus GBA Technology, DFX Labs Company, Hong Kong Digital Asset EX, and Thousand Whales Technology—bringing the total number of licensed virtual asset trading platforms in the city to seven.

In a move to attract more investors, Hong Kong is considering tax exemptions on gains from cryptocurrencies and other assets for private equity funds, hedge funds, and investment vehicles of the ultra-wealthy.

Industry Initiatives

Standard Chartered's Hong Kong division is partnering with Animoca Brands and HKT to form a joint venture aiming to issue a stablecoin backed by the Hong Kong dollar. The consortium plans to apply for a license from the Hong Kong Monetary Authority to facilitate this initiative.

Market Dynamics

Hong Kong is exploring the approval of new cryptocurrency products, including derivatives and margin lending, to enhance its digital asset offerings. This initiative is part of the city's broader strategy to establish itself as a regional digital assets hub.

These developments underscore Hong Kong's commitment to fostering a robust and innovative environment for cryptocurrency and digital asset growth.