Hong Kong’s crypto companies are required to obtain a local licence and can only offer services to professional investors
As a major property landlord, Hongkong Land leased out commercial office space to HashKey Group, a local crypto-asset business, after cryptocurrency rules were clarified.
The new crypto rule issued by the Securities and Futures Commission (SFC) influenced Neil Anderson, Director of Hongkong Land, in his decision to lease commercial property to crypto businesses:
“The SFC’s recent decision to regulate digital asset exchanges in Hong Kong gives us confidence that this new asset class has a regulatory framework, and therefore a future within the finance industry.”
Regulators in Hong Kong require cryptocurrency firms to be regulated locally and to only serve professional investors.
Investors in Hong Kong have conflicting sentiments about Hong Kong’s regulatory choices on cryptocurrencies, as a result of such decisions. Christopher Hui of Hong Kong’s Department of Financial Services and the Treasury has supported the idea to ban retail crypto trading.
This would assist in preventing things like market manipulation as well as money laundering and terrorist funding, according to Hui.
HashKey Group hired a whole floor in Hong Kong’s Three Exchange Square building, according to Hongkong Land. The Three Exchange Square building is controlled by the Hong Kong government.
Traditional banks’ need for commercial space is on the decline, mostly because of the COVID-19 pandemic. HashKey will move into premises formerly leased by Australia and New Zealand Banking Group. They are presently based out of a business park for startups.
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