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Looking back to a statement made in 2015 by Hong Kong’s Secretary for Financial Services & Treasury, Prof. KC Chan said “Bitcoins are not widely circulated in Hong Kong… so there is no need to introduce legislation to regulate virtual commodity trading. The growth and evolution of Hong Kong’s crypto market. Following the evolution and growth seen in the crypto market, the Hong Kong regulator is in the process of revising existing legislation for the regulation, licensing and definition of entities and activities in its blockchain and crypto market. More specifically, the Hong Kong’s Securities and Futures Commission (SFC) released a regulatory framework for exchanges, as well as funds (like pension funds) in November of 2019. 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