Log In

Hong Kong issues nine digital asset platform licences, plans more approvals

Published 3 weeks ago2 minute read

- Hong Kong is considering approving new cryptocurrency and virtual assets products as derivatives and margin lending for certain investors in those products, according to the city’s financial regulator.

Securities and Futures Commission chief executive Julia Leung said on Feb 19 the plans were being assessed as Hong Kong tries to make itself a regional digital assets hub and expand its services to investors.

“We are considering derivative products for professional investors, margin lending for certain customers,” Ms Leung told Coindesk’s Consensus Hong Kong 2025 conference, referring to digital assets.

Hong Kong’s financial secretary Paul Chan said on Feb 19 the city’s regulators have issued nine digital asset platform licences, and Ms Leung said there are eight more applications being considered.

The government is also working to advance the regulation of stablecoin, Mr Chan said.

Hong Kong first drew up a plan to become a virtual asset hub in 2022 – an effort that followed Beijing’s sweeping ban on all crypto transactions in mainland China the previous year.

It has since launched the first spot crypto exchange-traded funds in Asia as well as other intiatives.

Singapore and Dubai are also aiming to become global hubs for virtual assets.

The price of Bitcoin more than doubled in 2024 in a Trump-fuelled rally. It hit an all-time high of US$109,071 on Jan 20, 2025, the day of Mr Donald Trump’s inauguration as US president but has since pulled back to stand around US$96,000. REUTERS

Join ST's WhatsApp Channel and get the latest news and must-reads.

Origin:
publisher logo
The Straits Times
Loading...
Loading...
Loading...

You may also like...