Hong Kong to Start Allowing Retail Crypto Trading in March Next Year: Report – Regulation Bitcoin News
Hong Kong is enjoyable its crypto regulation to permit retail buyers to commerce digital belongings immediately. A licensing regime for crypto platforms that permits retail crypto buying and selling is reportedly set to be enforced in March subsequent yr.
Hong Kong Nears Allowing Retail Crypto Trading
Hong Kong is reportedly enjoyable its strict cryptocurrency regulation with a plan to permit retail crypto buying and selling, Bloomberg reported Thursday, citing individuals conversant in the matter.
A compulsory licensing regime for cryptocurrency platforms that permits retail crypto buying and selling is about to be enforced in March subsequent yr, the publication conveyed, elaborating:
Hong Kong plans to legalize retail buying and selling for crypto beginning in March after years of skepticism — a stark distinction to mainland China’s ban.
Furthermore, regulators are in search of to permit retail exchanges to checklist massive cryptocurrencies, like bitcoin (BTC) and ether (ETH), the information outlet added. The itemizing guidelines are more likely to embody standards such because the token’s market worth, liquidity, and inclusion in third-party crypto indexes.
Gary Tiu, government director at crypto agency BC Know-how Group, commented:
Introducing obligatory licensing in Hong Kong is simply one of many necessary issues regulators must do. They will’t perpetually successfully shut the wants of retail buyers.
Michel Lee, government president of digital asset monetary companies group Hashkey, defined that Hong Kong has been attempting to create an all-encompassing crypto regime, citing tokenized shares and bonds as a doubtlessly extra necessary section sooner or later. “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 high monetary regulator, the Securities and Futures Fee (SFC), launched a voluntary licensing regime in 2018. It restricted crypto buying and selling platforms to purchasers with portfolios of not less than HK$8 million ($1 million). Nonetheless, the robust regulation turned away many crypto companies and solely two companies — BC Know-how Group and Hashkey — have been accredited.
Many individuals are skeptical of the brand new crypto regulation, nonetheless. Bitcoin Affiliation of Hong Kong co-founder Leonhard Weese shared:
The form of conversations I’ve had was that folks nonetheless worry there’ll be a really strict licensing regime. Even when they’re in a position to deal immediately with retail customers, they’re nonetheless not going to be as engaging or as aggressive as abroad platforms.
The SFC’s director of licensing and head of the fintech unit, Elizabeth Wong, mentioned final 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 famous that Hong Kong may additionally authorize exchange-traded funds (ETFs) to supply publicity to mainstream crypto belongings.
What do you consider Hong Kong permitting retail cryptocurrency buying and selling? Tell us within the feedback part under.
Kevin Helms
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, immediately or not directly, for any injury or loss triggered or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about on this article.
Extra Common News
In Case You Missed It
Source link
#Hong #Kong #Start #Allowing #Retail #Crypto #Trading #March #Year #Report #Regulation #Bitcoin #News
