Hong Kong's Crypto New Policy One-Year Assessment: Opportunities and Challenges Coexist
On the first anniversary of the implementation of Hong Kong's virtual asset new policy, market performance has been a mixed bag. Five exchange licenses have been issued, but the average daily trading volume is only one-third that of Singapore. The latest survey shows that only 28% of local financial institutions are engaged in crypto-related businesses. Regulators are considering relaxing restrictions, aiming to allow retail investors to trade a wider variety of tokens. The industry is looking forward to more supporting policies, especially regarding banking services and tax incentives. Compared to Dubai and Singapore, Hong Kong still has gaps in regulatory certainty, but its advantage of being backed by the mainland market is attracting more and more project parties to establish regional headquarters.