Hong Kong group warns crypto licensing rollout risks forced shutdowns

A Hong Kong industry group has raised concerns that the government's rollout of a new cryptocurrency licensing regime could lead to forced shutdowns of local crypto businesses. The group argues that the stringent requirements may be too challenging for smaller firms to meet, potentially driving them out of the market. They emphasize the need for a balanced approach that supports innovation while ensuring regulatory compliance. The licensing framework is part of Hong Kong's efforts to establish itself as a global crypto hub, but the group fears it may have the opposite effect.

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