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Home ยป What Major Developments Should We Watch for in Hong Kongs Virtual Asset Market

What Major Developments Should We Watch for in Hong Kongs Virtual Asset Market

By adminJul. 7, 2024No Comments3 Mins Read
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What Major Developments Should We Watch for in Hong Kongs Virtual Asset Market
What Major Developments Should We Watch for in Hong Kongs Virtual Asset Market
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CoinDesk Report:
Author: BitClient Editor: Black Dragon
Yes, there is good news from the Hong Kong virtual asset market again.
Bitkoala has learned that investment in virtual assets in Hong Kong will not be subject to capital gains tax, making it very attractive to global investors. In fact, the Hong Kong virtual asset market has introduced many favorable measures, and Bitkoala will list some of them below.
What are the commendable measures in the Hong Kong virtual asset market worth noting?
1. Regulation First, Compliance Operation: In recent years, the Hong Kong virtual asset market has been continuously developing and improving to ensure orderly operation and protect investor interests. Since June 1, 2023, the Securities and Futures Commission of Hong Kong has started accepting license applications from virtual asset trading platforms, meaning that institutions operating virtual asset businesses in Hong Kong must obtain a license from the Securities and Futures Commission and be regulated by it. In fact, it is this licensing system that allows every virtual asset exchange operating in Hong Kong to operate in compliance.
2. Full Cooperation among Regulatory Agencies: Another point that few people pay attention to is that the cooperation between various regulatory agencies in Hong Kong is excellent. The Securities and Futures Commission (SFC) of Hong Kong has issued a regulatory framework for virtual asset trading platforms, providing clear legal and regulatory environments for virtual asset trading. This framework includes compliance requirements for platform operations to ensure the security of investors’ funds and the fairness of the market. The Hong Kong Monetary Authority (HKMA) has introduced a regulatory sandbox mechanism, allowing financial technology companies to test their virtual asset products and services in a controlled environment, thereby reducing regulatory barriers in the innovation process. Regarding stablecoins, the Hong Kong Monetary Authority has pointed out that stablecoins of specific types of virtual assets are more likely to have payment functions or bring different risks than other virtual assets, such as whether the mechanism used to provide value support is robust or the impact on real economic activities when stablecoin payment functions are hindered. Consideration is also being given to whether regulation is necessary in this regard.
3. Emphasis on Talent Development: The Hong Kong government and financial institutions actively promote the development of financial technology talents by establishing financial technology-related courses in cooperation with universities, organizing various industry forums and training sessions to provide talent support for the virtual asset market. Moreover, Hong Kong has strengthened cooperation in virtual asset regulation with other countries and regions, signing multiple memoranda of understanding (MoUs) to promote the

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