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Hong Kong lawmaker Johnny Ng’s announcement that discussions will be held to connect licensed cryptocurrency exchanges in Hong Kong with those in Shanghai has caused a stir. China, which has banned all cryptocurrency transactions and mining, making such a move has attracted significant attention.
Stock Connect Program Between China and Hong Kong
Speaking to Chinese media outlet The Paper, Hong Kong lawmaker Johnny Ng stated that many Chinese provinces and cities have policies regarding the development of the metaverse. Ng also expressed hope for increased talent exchange between Hong Kong and mainland China.
There is already a financial asset connection called the Shanghai-Hong Kong Stock Connect Program, which allows qualified investors from mainland China to access eligible stocks listed on the Hong Kong Stock Exchange and vice versa.
Ng’s mention of discussions with officials indicates that a similar program to the Shanghai-Hong Kong Stock Connect Program could be implemented for licensed cryptocurrency exchanges in Hong Kong and certain cryptocurrencies.
Hong Kong Aims to Become a Leading Crypto Hub
Hong Kong has clearly demonstrated its desire to become a leading crypto hub by launching a new licensing regime that enables regulated operation of cryptocurrency exchanges. OSL and HashKey have become the first licensed cryptocurrency exchanges in the country under this new regime.
China banned all cryptocurrency transactions and mining in 2021. However, the number of Chinese cryptocurrency investors remains significantly high.
