Connecting Hong Kong and Shanghai’s Exchanges: A Possibility?
Hong Kong lawmaker Johnny Ng has expressed his hopes for discussions on connecting virtual asset platforms in Hong Kong with digital asset exchanges in Shanghai. Ng believes that such a connection could further develop the metaverse and foster talent exchanges between Hong Kong and mainland China. This proposal comes as Hong Kong seeks to regain its status as a crypto hub, implementing a new licensing regime for crypto exchanges to operate in a regulated manner. Notably, OSL and HashKey have already obtained licenses under this regime.
Key Points:
- Johnny Ng suggests exploring the possibility of linking virtual asset platforms in Hong Kong with digital asset exchanges in Shanghai.
- Hong Kong and mainland China already have a financial asset link through the Shanghai-Hong Kong Stock Connect program.
- Hong Kong aims to become a prominent crypto hub once again by introducing a licensing regime for crypto exchanges.
- OSL and HashKey have secured licenses under Hong Kong’s new regulatory framework.
- China has implemented various bans on crypto-related activities, but traders based in China remain active.
Hot Take:
The proposal to connect Hong Kong and Shanghai’s exchanges showcases the ongoing efforts to strengthen the crypto ecosystem in Hong Kong. By fostering collaborations and talent exchanges, both regions can benefit from the growth of the metaverse. However, it remains to be seen if China’s strict regulations on cryptocurrencies will pose any obstacles to this potential connection.
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