Fun

Hong Kong to Start Allowing Retail Crypto Trading in March Next Year: Report

News Feed - 2022-10-30 01:10:22

Hong Kong to Start Allowing Retail Crypto Trading in March Next Year: Report


Hong Kong is relaxing its crypto regulation to allow retail investors to trade digital assets directly. A licensing regime for crypto platforms that allows retail crypto trading is reportedly set to be enforced in March next year. Hong Kong Nears Allowing Retail Crypto Trading


Hong Kong is reportedly relaxing its strict cryptocurrency regulation with a plan to allow retail crypto trading, Bloomberg reported Thursday, citing people familiar with the matter.


A mandatory licensing regime for cryptocurrency platforms that allows retail crypto trading is set to be enforced in March next year, the publication conveyed, elaborating: Hong Kong plans to legalize retail trading for crypto starting in March after years of skepticism — a stark contrast to mainland China’s ban.


Moreover, regulators are seeking to allow retail exchanges to list large cryptocurrencies, like bitcoin (BTC) and ether (ETH), the news outlet added. The listing rules are likely to include criteria such as the token’s market value, liquidity, and inclusion in third-party crypto indexes.


Gary Tiu, executive director at crypto firm BC Technology Group, commented: Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do. They can’t forever effectively close the needs of retail investors.


Michel Lee, executive president of digital asset financial services group Hashkey, explained that Hong Kong has been trying to create an all-encompassing crypto regime, citing tokenized stocks and bonds as a potentially more important segment in the future. “Just trading digital assets on its own is not the goal. The goal is really to grow the ecosystem,” he was quoted as saying.


Hong Kong’s top financial regulator, the Securities and Futures Commission (SFC), introduced a voluntary licensing regime in 2018. It restricted crypto trading platforms to clients with portfolios of at least HK$8 million ($1 million). However, the tough regulation turned away many crypto businesses and only two firms — BC Technology Group and Hashkey — were approved.


Many people are skeptical of the new crypto regulation, however. Bitcoin Association of Hong Kong co-founder Leonhard Weese shared: The kind of conversations I’ve had was that people still fear there’ll be a very strict licensing regime. Even if they’re able to deal directly with retail users, they’re still not going to be as attractive or as competitive as overseas platforms.


The SFC’s director of licensing and head of the fintech unit, Elizabeth Wong, said last week: “We’ve had four years of experience in regulating this industry … We think that this may be actually a good time to really think carefully about whether we will continue with this professional investor-only requirement.” She noted that Hong Kong could also authorize exchange-traded funds (ETFs) to offer exposure to mainstream crypto assets. Tags in this story Hong Kong, Hong Kong crypto listing rules, hong kong crypto regulation, Hong Kong cryptocurrency regulation, Hong Kong new crypto rules, Hong Kong new regulation, Hong Kong retail crypto investors, Hong Kong retail crypto trading, Hong Kong retail investors


What do you think about Hong Kong allowing retail cryptocurrency trading? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Lawmakers Probe SEC, Treasury, Federal Reserve Over Revolving Door With Crypto Industry REGULATION | 6 hours ago Brussels to Spur Rollout of Instant Payments in Euro, Proposes Legislation REGULATION | 22 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS Lawmakers Probe SEC, Treasury, Federal Reserve Over Revolving Door With Crypto Industry Next articleFidelity: 74% of Institutional Investors Surveyed Plan to Invest in Digital Assets Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%

News Feed

OVR Land Map: The Biggest Detailed 3D Map of the Real World With NFTs
OVR Land Map: The Biggest Detailed 3D Map of the Real World With NFTs sponsored OVR AR Metaverse goes to a whole other level.Italian company OVRis announcing today the creation of t
39% of Canada’s institutional investors have exposure to crypto: KPMG
Brayden Lindrea7 hours ago39% of Canada’s institutional investors have exposure to crypto: KPMGKPMG Canada partner Kunal Bhasin says rising debt and increasing inflation have likely attracted institutional investors in
Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Heightens
Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Heightens Bitcoin was back in the red during Friday’s session, as the token was once again tradin
Dogecoin To Rally 6,770% If This Pattern Holds: Crypto Analyst
Este artículo también está disponible en español. An analyst has explained how Dogecoin could end up witnessing a rally of around 6,770% if this pattern continues to foll
Latvian Artist Threatened With Prison for Money Laundering Through NFTs
Latvian Artist Threatened With Prison for Money Laundering Through NFTs An artist from Latvia is under investigation for allegedly selling NFTs, or non-fungible tokens, to launder
Helen Partz10 hours agoBlock.one ICO damages ‘far beyond’ $22M, ENF founder saysBlock.one owes much more to EOS investors than just $22 million after the $4-billion ICO, EOS Network Foundation CEO Yves La Rose believ
Turner Wright8 hours agoCollege roommate talked to Sam Bankman-Fried about FTX’s $8B hole on a paddle tennis court: TrialAdam Yedidia, a former developer at FTX, testified regarding his knowledge of the crypto exchange
Middle East Crypto Exchange Coinmena Enters the Qatari Market, Regulator Says No Institution Licenced
Middle East Crypto Exchange Coinmena Enters the Qatari Market, Regulator Says No Institution Licenced Coinmena, the Bahrain-based cryptocurrency exchange, recently announced that r
Congress Passes $1.2 Trillion Infrastructure Bill — Crypto Advocates Criticize Amended Broker Definition, Tax Code 6050I
Congress Passes $1.2 Trillion Infrastructure Bill — Crypto Advocates Criticize Amended Broker Definition, Tax Code 6050I Congress has passed the Biden administration’s bil
Bitcoin, Ethereum Technical Analysis: BTC, ETH Slip Ahead of US Consumer Confidence Report
Bitcoin, Ethereum Technical Analysis: BTC, ETH Slip Ahead of US Consumer Confidence Report Bitcoin and ethereum were trading lower on Feb. 28, as markets anticipated the release of
Bitcoin Vs. M2: Abra CEO Sees $130,000 As Liquidity Floods In
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
What Are The Implications For XRP If Ripple Captures 14% Of SWIFT’s Volume?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu