Exchanges warn that Hong Kong's crypto retail trader ban could backfire
Crypto industry concern mounts ahead of the likely introduction of a bill to ban retail traders from cryptocurrency activities in Hong Kong. Crypto industry actors in Hong Kong have been trying to push back against a forthcoming law that would restrict legal cryptocurrency trading to professional investors, locking out 93% of the local population from the market.In comments to the South China Morning Post published on Feb. 15, industry body Global Digital Finance warned that the proposed law would be likely to push retail traders to embrace unregulated platforms. Global Digital Finance....
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Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later....
Brick and mortar crypto exchanges are common in Hong Kong, but concerns remain around uncertain regulations that could demolish these shops entirely. Hong Kong, one of the most significant and leading financial centers in the world, has played a large role in the development of cryptocurrencies. For instance, the Chinese territory has birthed some of the most established and successful crypto companies to date including the crypto derivatives exchange FTX, along with the digital asset platform Crypto.com. Yet, as trillions of dollars are traded regularly through crypto exchanges founded in....
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....
Hong Kong’s Securities and Futures Commission (SFC) has rolled out stricter custody rules for licensed crypto exchanges to protect user assets. Hong Kong SFC’s Crypto Custody Overhaul Targets Wallet Weakness In a website announcement, the Hong Kong SFC revealed a new circular addressing minimum custody requirements for all licensed virtual asset trading platforms (VATPs). The […]
Financial authorities in Hong Kong have unveiled a prototype of the Chinese autonomous territory’s own central bank digital currency called Project Aurum. The two-tier platform features a wholesale interbank and a retail e-wallet system, participants revealed. Hong Kong to Issue Retail Tokens and Stablecoins as Part of Project Aurum A collaboration between the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority (HKMA), and the Hong Kong Applied Science and Technology Research Institute has produced a prototype of Hong Kong’s upcoming digital currency, the Bank for....