- Hong Kong may soon allow retail investors to trade cryptocurrency.
- This proposal could allow future offerings real estate security tokens.
- If the plan is approved, it would represent a further departure from mainland China which has already banned crypto trading.
Hong Kong leaders are considering allowing retail investors in the country to trade cryptocurrencies. This is part of a plan to increase global competitiveness.
The city proposed previously limiting crypto trades only to professional investors. This has drawn criticism from the community for its inability to foster innovation, while encouraging startups and crypto companies to set up shop in cities such as Dubai and Singapore.
Financial Secretary Paul Chan said that the Hong Kong Fintech Week conference heard from Paul Chan, “We want the global market to understand our policy stance to demonstrate our determination for exploring fintech with global virtual asset communities.”
The government of Hong Kong will also be looking at the property rights to crypto assets and the legalization process for smart contracts.
These moves could be the first step in offering real estate security token offers (STOs), which are tokens derived from blockchain that allow property owners to earn income from real assets.
If Hong Kong’s plan is approved, it will mark a further departure from mainland China, that has outlawed crypto trading.
