It’s been just revealed that Hong Kong will soon lift their ban on crypto trading. Check out the latest reports about this below.
Hong Kong and crypto
Hong Kong’s securities regulator has wrapped up its consultation on rules for digital asset platforms. This move is doing nothing else than clearing the way for licensed entities to provide their services to retail investors.
The Securities and Futures Commission (SFC) said Monday it will implement a number of measures designed to “protect” retail investors, including vetting tokens before they’re listed on exchanges.
According to the latest reports coming from Blockworks online publication, this follows a consultation period with industry stakeholders undertaken in February, allowing them a chance to provide feedback on a number of issues, including allowing smaller investors to trade crypto.
Over that period, the SFC said it received 152 written submissions from stakeholders who “generally welcomed the proposed requirements.”
The same online publication noted the fact that as a result, the regulator has moved to allow licensed virtual asset providers the right to service retail crypto investors. This is an about-turn on restrictions put in place last year.
“Those changes are expected to take effect on June 1, with smaller investors being required to jump through several hoops, including investor training and awareness of exposure risks.”
It’s also worth noting the fact that in its consultation conclusion on proposed regulatory requirements, the SFC said it would not publish a list of vetted assets considered sanguine for retail investors.
“Platform operators are nevertheless reminded of their obligations and to take reasonable steps under the relevant laws to ensure that retail trading of any token they make available will not breach the public offering regimes in Hong Kong.”
We suggest that you check out the original article in order to learn all the available details about this.
