Hong Kong to train traders as part of virtual asset education effort
Hong Kong Securities and Investment Institute is reportedly launching a series of programs and workshops on virtual assets to cater to growing interest
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A training institute in Hong Kong is set to prepare virtual asset traders with the requisite expertise for industry-specific operations.
This move follows closely after the city-state’s decision to implement a new licensing system for digital trading platforms and exchanges.
The Hong Kong Securities and Investment Institute (HKSI) is getting ready to roll out a bunch of programs and workshops on virtual assets in the coming months, the South China Morning Post reported on Sunday.
Educational opportunities aimed at those eager to amp up their understanding of the digital market are expected to be popular, according to HKSI’s Chairman, Colin Shaftesly.
Younger generations show persistant interest in the virtual asset world, Shaftesly pointed out. Increased regulation in the field provides a confidence boost, making employees in Hong Kong feel more equipped to sell their skills, SCMP reported.
Every year, HKSI trains and oversees licensing exams for about 30,000 hopeful brokers and asset managers in Hong Kong.
While HKSI will handle the training and exams for the virtual asset programs, the timing of the first test will reportedly be decided by the Securities and Futures Commission. Blockworks has reached out to the HKSI and SFC for comment.
Hong Kong’s market watchdog recently laid down stricter rules for digital asset companies. Effective June 1, this move opened the gates for retail trading in cryptocurrencies, a much-needed stimulus for an industry that has had a tough time with the downfall of FTX and other notable firms.
Hong Kong is banking on a more transparent regulatory framework to draw in crypto enthusiasts. This open-arm approach is interesting when compared to mainland China’s icy reception of the industry.
However, striking the perfect balance between safeguarding investors and appealing to businesses won’t be a cakewalk, thanks to the somewhat opaque nature of the industry.
Moreover, success might come with its own issues, in case Beijing feels that a crypto-friendly Hong Kong could hamper its control over financial flows in Greater China.
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