A senior official of the fintech industry of Hong Long has praised Japan’s crypto-friendly framework for improving blockchain adoption.
Aiming to become a crypto-friendly region, Hong Kong has started keenly observing Japan’s policies for the crypto industry. King Leung, an official from the fintech industry of Hong Kong, has reportedly visited Japan to understand its crypto framework, policies and regulation and to try implementing similar changes in Hong Kong.
Leung showered praises on Japan while stating that he would convey the findings from his discussions with Japanese officials and industry leaders to regulators and policymakers in Hong Kong to understand its future crypto framework better. Japan has regularly stepped up its efforts to create a crypto-friendly regime. Its central bank has been researching a CBDC for two years, also partnering with private banks in the process.
But Hong Kong has also not been far behind. It had earlier publicly announced its intentions of becoming a crypto hub, rolling out several efforts for the growth of the crypto industry within its borders. Leung also stated the same, saying that several investment summits and meets for the blockchain space had been organized in Hong Kong in the recent past due to its crypto-friendly policies.
King Leung said that the blockchain industry in Hong Kong was strategically very important, being key to its economic growth in the near future. He also mentioned monetization plans for digital assets such as tokenized bonds. Crypto regulation in Hong Kong has also been revised recently to include crypto firms at par with traditional financial institutions. This has led to a surge in crypto adoption in the region.