@User001 1 November 2022

Hong Kong seeks legal backing for retail asset investors to attract leading Web3 firms. Hong Kong is moving toward a softer regulatory stance for digital assets after the industry endured a challenging couple of years, with the blanket ban in China on digital assets and the effects of falling economic indices following the pandemic hampering the sector’s growth. As a measure to restore faith in Hong Kong’s teeming retail traders, administrators have imposed a mandatory licensing program for digital asset service providers scheduled to take effect in 2023. Another plan by the special administrative area is listing large-cap virtual currencies, but it is unclear which tokens will be listed.