Crypto Weekly
Subscribe
No Result
View All Result
Crypto Weekly
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
No Result
View All Result
Crypto Weekly Magazine
No Result
View All Result
  • Home
  • News
  • Learn
  • Regulation
  • Advertise with us
  • Subscribe

Hong Kong to only allow ‘highly liquid’ cryptocurrencies for retail trading

by
January 11, 2023
in News, regulation
0
Hong Kong to only allow ‘highly liquid’ cryptocurrencies for retail trading

In an effort to create a regulatory framework for the city, Hong Kong’s Securities and Futures Commission (SFC) announced plans to draft proposals that will allow retail investors access to trade certain tokens. Reuters reported the news as part of SFC’s continuing mission of establishing investment regulations in the area.

This year’s Asian Financial Forum proudly announced a landmark move that will make Hong Kong even more welcoming to cryptocurrency startups, with the utmost attention paid to investor safety and protection.

Only tokens with a high degree of liquidity will be considered

The 2018 regime that limited access to crypto solely to institutional investors with portfolios worth over HK$8 million ($1 million) would be abolished by allowing retail trading in cryptocurrencies.

Leung commented that only tokens with a high degree of liquidity would be considered for offering to retail investors. Discussions regarding trading details related to the retail sector are anticipated to start during the first three months of 2023.

Julia Leung, Chief Executive Officer of the SFC, noted that the new Virtual Asset Service Provider (VASP) framework would also be requesting a public opinion on appropriate guardrails for retail trading. Crypto wallets and exchanges are two different examples of VASPs.

In 2024, the SFC will begin to accept applications for Virtual Asset Service Providers (VASP) licenses. This license is mandatory for any trading platform or exchange that desires to transact in Hong Kong; failure to obtain a VASP license can result in hefty fines and even jail time.

Hong Kong and cryptocurrency

Back in October of last year, Elizabeth Wong, the head of the fintech unit at the SFC, sparked hope among retail traders by hinting that they might be able to participate in digital asset trading.

During a presentation, she stated that the government is exploring a bill to regulate cryptocurrencies and that the Securities & Futures Commission could soon let people invest “directly into virtual assets.”

After much turbulence in the crypto market, including the downfall of the FTX exchange, this new move promises to be an essential development.

Since achieving an all-time high in November 2021, Bitcoin—the biggest digital currency—has plummeted more than 70%, and many other “altcoins” have experienced significantly worse.

Previous Post

Ethereum price analysis: ETH holds the $1,300 level, with a bullish bias

Next Post

20 Best Crypto Wallets in 2023: Why You Need One Now

Next Post
20 Best Crypto Wallets in 2023: Why You Need One Now

20 Best Crypto Wallets in 2023: Why You Need One Now

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Got a Story tip? Email Contact@cryptoweeklymag.com

CMC Coin

A marketing-focused coin w/ a unique set of tokenomics & incredible use cases! The official coin of Crypto Weekly Mag!
Learn More

News

Recent Posts
  • Bitcoin on-chain data and BTC’s recent price rally point to a healthier ecosystem
  • Bitcoin mining advocate is going state-to-state to educate US lawmakers
  • Ethereum price analysis: ETH/USD recovers back to $1,593 after a bullish  breakout
  • What is Aptos? Features, Tokenomics, and Price Prediction
  • How Can Cryptocurrencies be Frozen on a Blockchain?
  • What is Leverage Trading in Crypto
  • Rumor has it that Dogecoin could shift to proof-of-stake — What does that mean for miners?

Office

Crypto Weekly
71 – 75 Shelton Street
Covent Garden London, UK

Stay Connected

Facebook Twitter Instagram Telegram

© 2022 crypto weekly. All rights reserved

  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
Translate »