LandLords In Hong Kong Are Leasing Crypto Exchanges Amidst Regulatory Clarification
Hong Kong Landlord who were owning property in Hong Kong are recently leasing out commercial office space to the HashKey group, a local crypto-asset company, following clarifications on cryptocurrency restrictions within the country.
Hong Kong Land Director Neil Anderson’s decision to lease commercial property to crypto businesses was made by the Securities and Futures Commission (SFC) based on recent crypto regulations that were imposed.
“The SFC’s recent decision to regulate digital asset exchanges in Hong Kong shows that we are confident that this new asset class has a regulatory framework and therefore a future in the financial industry.”
Hong Kong regulators must license crypto businesses locally and provide their services only to professional investors.
These regulatory decisions surrounding crypto have caused mixed feelings among local investors. However, Hong Kong Financial Services and Treasury Secretary Christopher Hui opposed a recent proposal to ban retail cryptocurrency trading.
Hui said the regulatory infrastructure that bans retail cryptocurrency activities could help fight “market fraud, money laundering, and terrorist financing”.
While on the other hand, the demand for commercial space from traditional banks is declining, mainly due to the Covid-19 epidemic. The Hashkey, Australia and New Zealand banking group, which currently operates out of a business park dedicated to startups, will occupy their previously leased space.
Read Also: Japanese Exchange TaoTao to Re-List XRP Soon