Hong Kong wants to issue “tokenized green bonds” and get ready for the digital Hong Kong Dollar.
Sam Bankman-Fried, who started the crypto exchange FTX, said that, unlike the West, Asia doesn’t have a key hub for web3, blockchain, and cryptocurrencies. But Hong Kong could become the best at this.
Bankman-Fried said that Singapore and Busan are also possible Asian locations during the annual Hong Kong FinTech Week in 2022.
“If you look at the world as a whole, I think the Bahamas and Dubai will be two of the crypto hubs. But it’s not as clear in the East. It could be Singapore or a place in Korea like Busan, but I think Hong Kong is more likely. Bankman-Fried said.
Also, Bankman-Fried, the youngest billionaire in the world, said that the Hong Kong government’s crypto initiative to start a consultation on legalizing crypto trading by retail investors is a good sign for a brighter future for crypto in the region.
Paul Chan, who is the Financial Secretary of HKSAR, talked to the public about the latest policy statement on virtual assets via video chat on Monday, during Fintech Week. He said, “We want to make it clear to the global markets what our policy position is and show that we are committed to exploring financial innovation with the global virtual-assets community.” They want to make the most of the benefits and innovations of Fintech when it comes to virtual assets.
Eddie Yu, who is the head of the Hong Kong Monetary Authority (HKMA), talked about how green bonds will soon be turned into tokens. He said that the authority plans to put out the first batch of green bonds in the world this year. The goal is to get small investors interested in the product first. More details will be given at a later time.
In 2021, FTX moved from Hong Kong to the Bahamas because the rules were not clear.
Last week, Bankman-Fired also confirmed that FTX is planning to release its own stablecoin.
In an interview with The Big Whale, a Web3 news site, Bankman-Fried talked about how the industry sees the exchange’s position at the top of the ongoing crypto winter.
People think that FTX is the biggest winner in the industry because it was able to buy Voyager Digital and BlockFi, two crypto lenders who were upset when the prices of their assets went down. Bankman-Fried, on the other hand, said that FTX’s job is to keep the industry in balance, which is good for everyone.
The head of FTX said that the current crypto winter is the “first real Bear Market we’ve seen.” He also said that the market drop isn’t hurting the company’s business as a whole because the company is always coming up with new ideas.
“One of the best things about crypto platforms is that when the market goes down, our business doesn’t change much,” he said. “Every day, we make new services and tools for our customers and grow the business. So, yes, the markets are less active and things are a bit tenser, but in the end, it doesn’t throw us off course.”
At the same time, Singapore is working on ways to tighten its rules for regular people who want to invest in cryptocurrencies.
Last week, the Monetary Authority of Singapore (MAS) came out with a plan to limit how small investors can buy digital assets. Small investors won’t be able to borrow money to buy coins after this.
Similar to what the MAS did, Singapore’s central bank told companies that retail investors’ tokens shouldn’t be used for lending or staking to make money. But investors with a lot of money won’t have to follow the rules that the two regulatory groups have suggested.
But Singapore is taking these steps to make sure that the crypto industry grows in a good way by putting in place security measures that will keep investors safe.
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