- Lu Tingkuang thinks Hong Kong has a handy crypto licensing regime.
- Hong Kong’s crypto-asset license permits holders to supply providers for crypto and STOs.
- Tingkunag believes Hong Kong is cautious in approaching the digital property trade.
The co-founder and chief technique officer of HKbitEX, Lu Tingkuang, thinks Hong Kong has a extra handy crypto licensing regime than locations like Singapore and the U.S. In line with Tingkuang, the Hong Kong crypto-asset license permits holders to supply buying and selling providers for each cryptocurrencies and safety tokens (STOs).
In the meantime, the FinTech skilled highlighted that different nations’ regulators present licenses for just one, and never each classes of property. For example, he cited the U.S.-listed Coinbase, whose license solely permits the buying and selling of crypto property.
In his presentation, Tingkuang famous that most individuals assume Hong Kong is conservative in growing its digital property market. Therefore, the departure of a number of crypto giants, who bought pissed off and moved away from the area. Contrarily, the HKbitEX chief technique officer believes Hong Kong is simply cautious in its strategy to the trade. He famous regional regulators had been cautious earlier than deploying, confirming they’ve noticed optimistic outcomes in recent times.
To clarify his view, Tingkuang highlighted that in February final 12 months, practitioners bought HK$800 million in tokenized inexperienced bonds below the Authorities Inexperienced Bond Program (Inexperienced Bond Program), with a one-year time period and a yield of 4.05%. In line with him, that train set a world file, because it was the primary tokenized inexperienced bond issued by any authorities.
In the meantime, Hong Kong bought inexperienced bonds valued at roughly HK$6 million. The federal government denominated the bought bonds in Hong Kong {dollars}, RMB, U.S. {dollars}, and euros, with subscriptions chopping throughout a variety of worldwide institutional buyers.
Tingkuang noticed an acceleration in tokenized securities growth within the non-public market. He cited a number of examples, together with Taiji Capital, which launched the issuance of actual property fund securities tokens for “skilled buyers” final 12 months, bringing revolutionary modifications to the financing mannequin of the actual property trade. Tingkuang additionally talked about the Chinese language securities agency GF Securities (Hong Kong), which efficiently issued tokenized securities associated to short-term business paper in January this 12 months.
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