The Hong Kong government’s proposed legislation to ban crypto trading for retail investors and require virtual asset service platforms (VASPs) to obtain licenses to operate has caused great concern among the territory’s crypto community. Fears are that Hong Kong might cede its position as a regional fintech hub to neighbors such as Singapore, or fall behind other centers in the U.K. or U.S., by unduly stopping retail investors from trading while allowing the wealthy to continue. 

HashKey Group COO Angelina Kwan, a former regulator who helped write the laws that crypto firms are subjected to now, explains all.