From Breakingviews: Few cities in the world have expressed a desire to throw open cryptocurrency trading to retail investors since the collapse of FTX. That puts Hong Kong in a league of its own, say t__shum and PranavKiranBV
, has championed a digital exchange for its clients gradually expanding access to the mass affluent. While Singapore’s central bank reminded the public on Monday that cryptocurrencies can lose all their value, it also re-upped its recent proposals on basic investor protections on companies licensed to operate in the city state., cryptocurrency values received by internet addresses in Singapore reached $100 billion in the year to June 2022, with Hong Kong not too far behind at around $70 billion.
The competitive tension between Hong Kong and Singapore is greater than ever. The danger is that Hong Kong’s new embrace of virtual assets will set up a regulatory race to the bottom, even if FTX’s collapse means it might happen at a slower pace.Hong Kong’s Financial Secretary Paul Chan reiterated the city’s commitment to becoming a virtual asset hub in a blog post on Nov. 13, two days after cryptocurrency exchange FTX filed for bankruptcy protection in the United States.
The Financial Services and the Treasury Bureau on Oct. 31 said the Securities and Futures Commission will conduct a public consultation on how retail investors may be given “a suitable degree of access” to virtual assets under a planned new licensing framework for the industry. The policy statement notes that retail investors in other markets have been granted exposure to virtual assets including through exchange-traded products.
Separately, the Monetary Authority of Singapore on Nov. 21 said “the most important lesson from the FTX debacle is that dealing in any cryptocurrency, on any platform, is hazardous”. It added that FTX was not licensed in the city state and there was no evidence it was specifically soliciting Singapore users. MAS reiterated its recent publication of a consultation paper proposing basic investor protection measures for cryptocurrency companies that are licensed to operate in Singapore.
Column by Thomas Shum in Hong Kong, Pranav Kiran in Bengaluru. Editing by Una Galani and Katrina HamlinOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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