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Hong Kong’s crypto transaction volumes surged 85.6% YoY, while retail adoption remains at 24%. The SFC accelerates licensing for VATPs, supported by HKMA’s tokenization initiatives and blockchain integration projects. Hong Kong is cementing its position as a worldwide hub for digital assets through a series of strategic initiatives aimed at encouraging innovation while preserving regulatory supervision. With the Securities and Futures Commission (SFC) certifying licenses to further virtual asset trading platforms (VATPs), the city has made notable progress in growing its digital asset ecosystem. Four more crypto exchanges were recently approved, therefore increasing the overall number of licensed platforms to seven. Emphasizing investor protection and regulatory compliance, this development underscores Hong Kong’s will to establish a strong and safe environment for digital asset trading. These licenses reflect the city’s commitment to remain ahead in the fast-changing crypto space by being part of an accelerated procedure. Hong Kong: The Crypto Hub With The Key Dilemma Hong Kong’s got the infrastructure – VATP licenses, 270+ blockchain firms, and cutting-edge projects like Project Ensemble. Transaction volumes are up 85.6% YoY, but retail adoption’s stuck at 24%. The trust gap is real: 33% of… pic.twitter.com/WEAQMyJLbR — Mario Nawfal’s Roundtable (@RoundtableSpace) December 22, 2024 Driving Innovation and Bridging Gaps in Digital Asset Infrastructure Apart from these developments in regulations, Hong Kong has started innovative initiatives to improve the infrastructure supporting digital assets. Project Ensemble is a major effort aiming at creating industry norms for tokenized asset settlement. Under direction by the Hong Kong Monetary Authority (HKMA), this initiative aims to close the gap between traditional finance and developing blockchain technologies by including digital assets into the larger financial system. The cooperation between the HKMA and the SFC emphasizes the city’s emphasis on developing a whole framework that fosters stability as well as creativity. Rising Crypto…

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Filed under: News - @ December 22, 2024 9:01 am