• Lu Tingkuang believes Hong Kong has a handy cryptocurrency licensing regime.
• A Hong Kong crypto asset license permits holders to supply providers for crypto belongings and STOs.
• Ting Knag believes Hong Kong is being cautious in its method to the digital asset business.

Lu Tingkuang, co-founder and chief technique officer of HKbitEX, believes Hong Kong has a extra handy cryptocurrency licensing regime than locations like Singapore and the U.S. In line with Tingkuang, Hong Kong's crypto asset licenses permit holders to supply buying and selling providers for each cryptocurrencies and safety tokens (STOs).

In the meantime, the fintech knowledgeable burdened that regulators in different international locations solely grant licenses for one asset class or the opposite, not each. For instance, U.S.-listed Coinbase solely has a license to commerce crypto belongings, he stated.

Throughout his presentation, Ting Kuan famous that Hong Kong is taken into account by many to be conservative in growing its digital asset market, which has led to a number of disgruntled crypto giants withdrawing from the town. In response, HKbitEX's chief technique officer believes Hong Kong is just being cautious in its method to the business. He famous that the area's regulators have been cautious earlier than adopting it, with constructive outcomes lately.

In explaining his views, Tin-kuan highlighted that in February final yr, practitioners bought HK$800 million in tokenized inexperienced bonds underneath the Authorities Inexperienced Bond Program with a one-year maturity and a 4.05% yield. The trouble, he stated, was the primary tokenized inexperienced bond issued by a authorities, setting a world document.

In the meantime, Hong Kong bought about HK$6 million value of inexperienced bonds. The Hong Kong authorities issued the bonds in Hong Kong {dollars}, Chinese language yuan, US {dollars} and euros, they usually had been subscribed to by a variety of institutional traders from around the globe.

Tingquan famous that the event of tokenized securities within the non-public market is accelerating, citing a number of examples resembling Taiji Capital, which started issuing actual property fund securities tokens to “skilled traders” final yr, revolutionizing the fundraising mannequin of the actual property business. Tingquan additionally talked about Chinese language securities agency GF Securities (Hong Kong), which efficiently issued tokenized securities linked to short-term industrial paper in January this yr.