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Hong Kong Plans to Let Retail Sector In Crypto

Started by PocketOption, Feb 22, 2023, 04:21 am

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Hong Kong Plans to Let Retail Sector In Crypto


Hong Kong Plans to Let Retail Sector In Crypto

Hong Kong has unveiled a plan to allow individual investors to trade digital tokens such as bitcoin and ether, a major step in its bid to become a crypto hub in a policy that defies the crackdown in the US.

Individual investors will be able to trade larger coins on securities-licensed exchanges, which will provide safeguards such as proficiency tests, risk profiles and reasonable exposure limits.

The agency did not specify which large-cap brands would be eligible for retail investors. Coins must be included in at least two acceptable, investable indices from independent providers, one of which must have experience in traditional financial disciplines.

In late October, Hong Kong promoted a crypto stance as part of a broader effort to rebuild the city’s credibility as a financial center. Officials aim to learn the lessons of last year’s $1.5 trillion digital asset meltdown and a string of global bankruptcies, such as the collapse of the FTX exchange, to create a binding regulatory framework.

The consultation paper does not specify specific crypto indices as a reference point for a taxonomy of eligible tokens. Exchanges monitor listed assets to ensure they are available for trading by individual investors.

The government has already allowed exchange-traded funds to invest in CME Group, Bitcoin and Ether futures, and this month sold the first digital green bonds.

Digital asset executives are increasingly drawn to the friendly policy positions of places like Hong Kong, Dubai, and Europe as crypto searches flow into the US cloud, the country’s position as the center of the industry.

Houbi Global extends in Hong Kong

Crypto exchange Huobi Global applies for a crypto trading license in Hong Kong and launches a new trading venue.

Chinese crypto and blockchain-related stocks surged. Digital asset firm OKG Technology Holdings rose 22.52% in Hong Kong. Crypto platform operator New Huo Technology Holdings advanced 12.52%.

Hong Kong’s ambitions still face many obstacles, including a downturn in the virtual asset industry that has cut thousands of jobs. Crypto markets have only partially recovered from the 2022 bust.

Companies may delay making scarce investments until the contours of Hong Kong’s political landscape become clearer.

The post Hong Kong Plans to Let Retail Sector In Crypto appeared first on FinanceBrokerage.

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