News

Hong Kong Will Allow Retail Investors To Trade BTC And ETH In Order To Become A Crypto Hub

Key Points:
  • Hong Kong has proposed allowing ordinary investors to trade digital assets like Bitcoin and Ethereum by June 1, 2023.
  • Individual investors will be able to trade cryptocurrency on exchanges regulated by the Securities and Futures Commission (SFC).
According to Bloomberg, Hong Kong has revealed plans to allow ordinary investors to trade digital assets such as Bitcoin and Ethereum.

This is a significant step toward Hong Kong‘s objective of becoming a cryptocurrency hub. The consultation session will conclude on March 31, and the goal is for retail investors to be able to trade cryptocurrencies by June 1, 2023.

Individual investors will be able to trade cryptocurrency on exchanges regulated by the Securities and Futures Commission (SFC). An SFC Spokesman stated at a briefing that Bitcoin and Ethereum are two crypto assets that are expected to be listed by Hong Kong exchanges.

Furthermore, Hong Kong is creating an obligatory regulatory framework to attract enterprises and protect investors in order to avoid incidents like FTX in 2022. The government has permitted mutual funds to trade portfolios in CME Group’s Bitcoin and Ethereum futures, and it sold its first digital green bond earlier this month.

The efforts taken by Hong Kong stand in stark contrast to those taken by the United States, which has on a regular basis issued directives to suppress crypto organization activities. The recent moves taken by Hong Kong could also pave the road for investment on the mainland of China, provided that Beijing relaxes its crypto bans within the country.

Recently, Cameron Winklevoss, a co-founder of the cryptocurrency exchange Gemini, made a statement on Twitter predicting that Asia will be the source of the next wave of bull market momentum. The Chief Executive Officer of Coinbase Global, Brian Armstrong, is of the same opinion, noting that serious actions taken by US regulators, particularly the SEC, could further push crypto enterprises to migrate. offshore, with Hong Kong being mentioned as one of the countries that is now leading the way in crypto assets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Chubbi

Coincu News

Chubbi

Recent Posts

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

10 minutes ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

1 hour ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

2 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

3 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

3 hours ago

This website uses cookies.