2024

World

Rise

<a href="https://www.coingabbar.com/en/crypto-currency-news/hong-kong-clamps-down-unlicensed-crypto-exchanges" class="f-link" style="" rel="noopener noreferrer nofollow">Hong Kong</a> is heading towards its 27th anniversary of its return to the motherland. On this upcoming occasion, Hong Kong’s financial analysts Hu Zhenbang and Lui Zhihong highlighted that Hong Kong has seen that a large number of tech companies have returned to Hong Kong in the past year showing their growing confidence in Hong Kong’s virtual asset market.
The reasons highlighted by Lui Zhihong for the influx include the growing supervision of Hong Kong's capital market and financial system and changes proposed by the SAR Government.
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXd-ELvr5HufEHlNyb5MHer4rjeK5pLquXR3agBQ4-Ktbir6VnqmwvF0MxPeetWIjzQGBDW9w8WgiLzucysAhRpxnFDl1lYibdy51MJ_1ULuTbt1nI_cFRlxS_lPz4QMO-y0-nu2Y4EkqsnfPSLaXEScC30?key=u_DsmdV09xgsxEg1TAas5A" width="602" height="260"> The government of Hong Kong has introduced several rules to attract virtual asset companies such as the supervision of licensed platforms that enhance the confidence of global investors. It also shuts all unlicensed crypto <a href="https://www.coingabbar.com/en/tag/exchange" class="f-link" rel="noopener noreferrer nofollow">exchange</a> that builds trust among investors. Further, in December 2023, Hong Kong set global standards with stablecoins regulations
Further Hong Kong has great advantages in developing the virtual asset market due to its low tax policy also Investment in virtual assets in Hong Kong will not be subject to asset appreciation tax.&nbsp;
In addition to having clearer regulatory standards that attract a significant number of talent and investors, Hong Kong is actively creating tokenized securities and stable currencies. For example, last year, the Hong Kong Monetary Authority successfully sold NT$800 million in tokenized green bonds and established a stablecoin issuer sandbox, which was well appreciated by the sector.&nbsp;
Recently&nbsp; Coinbase co-founder and CEO Brian Armstrong also appreciated that Hog Kong has done a great job in regulating the field of virtual assets and allowing banks to strengthen cooperation with the Virtual asset field.&nbsp;
<h3 id="span-span-data-font-font-size-style-font-size-16px-what-s-next-span-span">What’s Next?</h3>
Hong Kong’s significant moves like regulatory reform, low tax policy, and proactive approach in the crypto world positions Hong Kong as the potential new hub for Crypto.&nbsp; The introduction of stablecoin regulations, supervision of licensed platforms, and the creation of tokenized securities are attracting global investors and talent. This growing confidence is further endorsed by notable figures like Coinbase's CEO. Consequently, these efforts could significantly bolster Hong Kong's status as a leading center for cryptocurrency and virtual assets.
Also Read:- <a href="https://www.coingabbar.com/en/crypto-blogs-details/top-5-memecoins-that-showcases-high-return-on-investment" class="f-link" rel="noopener noreferrer nofollow">Top 5 Memecoins That Can Give a High Return in 2024</a>

Hong Kong's Crypto World Hub Ambitions on the Rise

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