According to a report by the South China Morning Post, the Hong Kong Securities and Investment Institute (HKSI) is taking steps to train traders in the virtual asset industry. With the backing of the local regulator Securities and Futures Commission (SFC), the HKSI is poised to offer training programs and seminars on virtual assets, positioning itself to support Hong Kong’s aspirations to become a digital hub.
HKSI launches training programs to support growing virtual asset market
The HKSI, established in 1997, has traditionally been responsible for training and conducting licensing exams for brokers and asset managers in Hong Kong. Recognizing the evolving landscape of the financial industry, the institute has now turned its focus toward providing training programs to enhance knowledge and expertise in the virtual asset space.
Colin Shaftesley, Chairman of the HKSI, expressed confidence in the popularity of the soon-to-be-launched virtual asset training programs. Younger generations have shown a persistent interest in the virtual asset industry. Shaftesley believes that increased regulation will instill confidence and enable market participants to market themselves more comfortably.
While the HKSI will oversee the training and licensing examination, the scheduling of the first examination will be determined by the SFC. This new initiative by the HKSI aligns with the SFC’s requirement for all new centralized virtual asset trading platforms operating or selling their services in Hong Kong to obtain licenses. Existing operators and traders have until June next year to apply for licenses under the new regulations.
Hong Kong’s regulatory framework aims to attract crypto enthusiasts
Hong Kong’s market watchdog recently implemented stricter rules for digital asset companies, allowing for retail trading in cryptocurrencies from June 1. This regulatory move aims to stimulate the industry and provide a transparent framework to attract crypto enthusiasts. In contrast to mainland China’s cautious approach, Hong Kong is positioning itself as a crypto-friendly jurisdiction.
However, striking the right balance between investor protection and appealing to businesses poses challenges due to the complex and somewhat opaque nature of the virtual asset industry. Hong Kong’s open-arm approach may also draw attention from Beijing, as a crypto-friendly environment in Hong Kong could potentially impact China’s control over financial flows in the region.
The training programs offered by the HKSI not only cater to the virtual asset industry but also encompass other areas of focus. The institute is developing training programs for the wealth management industry to support Hong Kong’s goal of attracting more family offices. By providing internships and financial support to asset wealth management companies, the HKSI aims to introduce young talent to the asset management industry and help bolster the city’s position as a wealth management hub.
The HKSI remains committed to adapting its training offerings. The institute has embraced digital learning solutions and transformed its mode of delivery from physical classrooms to online platforms, enabling learners to access courses remotely. The recent social unrest and the COVID-19 pandemic have accelerated the transition to online training, which has proven to be effective.