As Hong Kong prepares for a consultation process that could eventually mandate some form of crypto trading in the territory, Bloomberg reports that the local government in Beijing may be subtly supporting the idea. According to Bloomberg, employees from the Hong Kong Liaison Office are often invited to attend crypto conferences in Hong Kong. The sounds of visits that follow them and their calls with some work have been friendly. Some stakeholders believe that this can be seen as an endorsement of Hong Kong’s drive to become a crypto haven, and China’s special administrative zone is using its regulatory framework and various markets as a place of scrutiny – in the same way Hong Kong did. The first attempt at an open market in China in the 20th century.

“As long as one does not undermine the essentials, so as not to threaten financial stability in China, Hong Kong is free to explore its own pursuits under ‘One country, two systems,'” said Nick Chan, a member of Bloomberg and the National People’s Congress. and a crypto lawyer, as mentioned. On Monday, Hong Kong’s Securities and Futures Commission (SFC) made its first attempt to open the door to crypto trading, launching a review process for virtual infrastructure service providers (VASPs) seeking authorization to provide trading services.

Some of the SFC’s requirements include a pre-registration monitoring system, which will only see approved consumer signals for consumers, and creating a risk profile for consumers to use. ensure that their disclosure is “reasonable”.

The SFC has just concluded a multi-year review process that will allow changes to help institutional investors (defined as those with a net worth of more than $1 million) on June 1.