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Hong Kong Embraces Crypto Industry with New Licensing Regime and Supportive Initiatives

June 21 (Cointime) - Hong Kong is taking a supportive stance towards the crypto industry, with the Financial Secretary, Paul Chan, believing that blockchain technology can create a low-cost financial system.

The Hong Kong Monetary Authority is urging large banks to offer financial services to crypto firms and a new licensing regime for virtual asset service providers is expected to attract more digital asset enterprises to the city.

Hong Kong's regulatory framework, open-minded approach, and deep capital market make it an ideal platform for the crypto industry to showcase real-world applications of blockchain technology. By embracing the crypto industry, Hong Kong could revitalize its economy and reaffirm its position in the global financial ecosystem.

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