Hong Kong has just announced that they will list a benchmark index for Bitcoin and Ethereum on Hong Kong Exchanges and Clearing Ltd, the local exchange.
The city has also announced a tax relief on cryptocurrencies. At the same time, Hong Kong is exploring the development of Defi and Tokens. A promising future for the cryptocurrency industry. With such measures, the city hopes to become a regional hub of this market. By the end of the year, it is also expected that new cryptocurrency trading platforms should also be entering the market. We are talking about a minimum of 3 and up to 11 additional authorized platforms. The Securities and Futures Commission (SFC) is expected to make its decision around the end of this year (mid-December).
The battle is now raging between Dubai, Singapore and Hong Kong. This strong craze for its finance-focused cities could boost the crypto market as much liquidity is flowing through it.
Hong Kong’s legislative position also gives us indicators on the mood of the Chinese big brother. Indeed, the city serves as an open-air laboratory for China’s crypto industry. The success of the city’s plans could lead Beijing to relax its attitude towards crypto assets. The Chinese market alone could quickly double the volume of liquidity in circulation. Keeping a close eye on Hong Kong seems therefore necessary in the long term.
