Crypto

Hong Kong – Trading could be legalized for individuals

Hong Kong – Trading could be legalized for individuals

Hong Kong’s new turn towards cryptocurrencies is well and truly confirmed! Shortly after having relaxes its legislationthe financial regulator announces that it would be ready to legalize cryptocurrency trading for retail investors. This for the purpose of rebuild the reputation of the city and its financial center internationally. By these decisions, the policy of Honk Kong differs from that of the rest of China where cryptocurrencies and related activities are almost all prohibited.

This is good news for Hong Kongers circulating at the start of the week. The National Securities and Futures Commission is launching a public consultation aimed at allow individual investors to trade cryptocurrencies.

Against this backdrop, Finance Secretary Paul Chan said Hong Kong was ” open and inclusive to the global community of innovators who engage in activities related to virtual assets. ” Before concluding ” in many ways we’re telling the world we’re back in business. »

If the measure is adopted (a priori by March 2023), millions of people could have access to the cryptocurrency market. It should be remembered that currently there is a restriction for all users whose wallet weighs less than HK$8 million. This is equivalent to approximately 1 million euros.

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Trading open to individuals from March 2023?

By opening up trading to individuals, the country will also have to pose limits in order to reduce the risks to which they are exposed. It is for this reason that the financial regulator wants to first assess the possibilities before definitively opening it up to individual investors. Indeed, managers will be attentive to the risks incurred by these individuals. A prevention campaign is also on the agenda.

The regulator explains that if this were to be done, it would be necessary to give access to cryptocurrencies through exchange-traded funds or ETFs (Exchange Traded Fund). Thus, ETFs could be listed.

“We recognize the growing acceptance of AV as an investment allocation vehicle by global investors, both institutional and individual. The launch of these products in Hong Kong will provide connectivity between AV players and traditional financial institutions, providing investors with well-designed products, thus promoting the overall growth of the industry in our market. »

Christopher Hui, Secretary of Financial Services and Treasury Office.

Hong Kong could make a comeback on the crypto scene in the coming months.

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