Hong Kong lawmaker Johnny Ng’s recent announcement has caused excitement as he revealed plans to hold discussions about connecting licensed cryptocurrency exchanges in Hong Kong with those in Shanghai.
This move has drawn considerable attention since China has banned all cryptocurrency transactions and mining.
Hong Kong lawmaker Johnny Ng spoke to Chinese media outlet The Paper, discussing how various Chinese provinces and cities have policies related to the metaverse’s development. He also expressed optimism about fostering more talent exchange between Hong Kong and mainland China.
Currently, there is a financial asset connection known as the Shanghai-Hong Kong Stock Connect Program. This program enables qualified investors from mainland China to trade eligible stocks listed on the Hong Kong Stock Exchange and vice versa.
Ng’s statement about discussions with officials suggests the possibility of creating a similar program for licensed cryptocurrency exchanges in Hong Kong and certain cryptocurrencies. This could allow investors to trade cryptocurrencies between Hong Kong and mainland China in a regulated manner.
Hong Kong Strives to be a Leading Crypto Hub
Hong Kong is making its intentions clear to become a major crypto hub. They have introduced a new licensing system that allows regulated operation of cryptocurrency exchanges. OSL and HashKey have become the first licensed crypto exchanges in the country under this new regime.
In contrast, China banned all cryptocurrency transactions and mining in 2021. Despite this, the number of Chinese cryptocurrency investors remains notably high.
Important:Ā Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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