Hong Kong to Explicate Crypto Position At the next Hong Kong Fintech Week Event



The authorities of China's Hong Kong Special Administrative Region are anticipated to issue a policy statement on the growth of the city's digital assets market.

According to the conference's program, it will take place between October 31 and November 1. Discussions between representatives of local governments, business leaders, and industry observers will be held during this time.

According to Hui, the conference will host more than 500 representatives of financial institutions from across the world as well as more than 200 speakers from China and abroad.

The most recent announcement comes as bitcoin investors grow more concerned about Hong Kong's murky regulatory policies regarding cryptocurrencies. Through an amendment to Hong Kong's anti-money laundering law, the city's legislators are pursuing plans to mandate licensing for crypto trading platforms. 

Companies will be required to limit their provision of these services to professional investors with portfolios worth at least HK$8 million ($1 million US). Should it be approved, the move may deter many cryptocurrency traders from operating in Hong Kong.