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.
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