Hong Kong's SFC Looking To Allow Bitcoin, Ethereum Retail Trading

Hong Kong’s Securities and Futures Commission officially released a statement on Monday chalking out its plan to allow retail investors to trade cryptocurrencies like Bitcoin and Ethereum.

According to the consultation paper released, retail investors will be allowed to trade top cryptocurrency assets on exchanges that are licensed by the agency. However, such virtual asset trading platforms will have to keep investor protection in mind. This means they have to tick boxes including exposure limits, risk profiles, etc.

Asserting the importance of the same, Julia Leung, the SFC’s Chief Executive Officer said,

“In light of the recent turmoil and the collapse of some leading crypto trading platforms around the world, there is clear consensus among regulators globally for regulation in the virtual asset space to ensure investors are adequately protected and key risks are effectively managed.”

Also Read: Hong Kong Welcomes 1st Bitcoin ETF

Other specifications

Without mentioning names of large-cap assets that individuals will be allowed to trade, the agency clarified that they should be listed on a minimum of two acceptable, investible indexes from independent providers. Notably, one among them should have had its feet immersed in the traditional financial sector.

The SFC highlighted that the consultation period will end on Mar. 31. It intends to green-light retail trading in the new licensing regime for crypto exchanges. As reported earlier, the same is set to come into effect in Q2, more specifically Jun. 1, this year.

According to the latest proposal, all trading platforms planning to apply for a license “should begin to review and revise their systems and controls to prepare for the new regime.”

According to Bloomberg, an SFC spokesperson said that Bitcoin and Ethereum will likely be listed by Hong Kong platforms.

Also Read – Hong Kong: Bill Involving Crypto In Effect From June 1, 2023

Hong Kong and cryptocurrency

An array of cryptocurrency and blockchain-related developments have taken place in Hong Kong of late. Just last week, the government released its first tokenized green bond of 800 million Hong Kong dollars [US $101 million].

Also Read: Hong Kong Welcomes 1st Bitcoin ETF

Prior to that, the region opened doors to its very first BTC exchange-traded funds [ETF]. Two ETFs tracking U.S. listed crypto futures veered into Hong Kong in December last year. They’re reportedly managed by CSOP Asset Management.

Alongside, Financial Secretary Paul Chan asserted last month that Hong Kong will be a great place for crypto and fin-tech startups to operate from. He also said that the region remains committed to becoming a crypto hub. Thus, the latest initiative taken seems to be a step in the said direction.

Also Read – Crypto: Hong Kong’s SFC To Pick Out Tokens For Retail Trading

  • bitcoin
  • crypto
  • ethereum
  • Hong Kong

Comments

Post a Comment

Popular posts from this blog

Saudi Arabia Boosts Aramco Venture With Additional $4 Billion in Funds

Image
Saudi Arabia’s leading oil refinery company Aramco doubled its venture capital funds to a tilt reaching $4 billion on Wednesday. The Saudi Aramco Venture Capital now boasts of funds worth $7 billion and plans to diversify its investments. Early January this year, the Saudi Aramco Venture’s funds stood at $3 billion and the new additional injection of $4 billion takes it to a threshold of $7 billion. The allocation of new funds moved its investing strength from $3 billion to $7 billion in 2024. Also Read: Gold & Oil Prices Continue To Fall as US Dollar Grows Stronger “Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life,” read a statement from the leading oil giant. Saudi Arabia’s Aramco Venture Now Boasts $7 Billion in Funds in 2024 Source: (Bandar Aljaloud / Saudi Royal Palace via AP) The funding provides Saudi Aramco VC to explore diverse opportunities other than oil and gas. The decision to double th
Read more

Is The Bitcoin Price Correction Over? Here’s The Support Level To Watch

Image
The Bitcoin price suffered significant bearish pressure over the past week, dragging down alongside it a large portion of the general crypto market. The premier cryptocurrency tumbled as low as $59,500 at some point in the week — its lowest in nearly two months. While investors will be hoping that the worst is over, it is difficult to determine whether BTC is ready to resume its bullish run. In any case, a prominent crypto intelligence firm has identified a price level critical to the future trajectory of the Bitcoin price. $56,000 The Ultimate Support Level For Bitcoin: CryptoQuant In a recent report, the blockchain analytics platform CryptoQuant put forward an interesting prognosis for the price of Bitcoin over the coming days. According to the firm, the $56,000 price level is an important level to the future performance of the premier cryptocurrency.
Read more

Crypto Analyst Predicts MATIC/BTC and SOL/BTC May Fade Into Lower Regions

Benjamin Cowen has identified a weakness between MATIC to Bitcoin and SOL to Bitcoin. MATICBTC traded within a specific range throughout Bitcoin’s bear market. With SOLBTC, people get sucked in on each pump, then the price fades into new lows. Benjamin Cowen, the founder of ITC Crypto, has identified a weakness between MATIC to Bitcoin and SOL to Bitcoin. The renowned analyst independently compared both altcoins’ recent history with Bitcoin, indicating potential weaknesses over the past two years. Using the MATICBTC weekly chart on TradingView, Cowen showed that MATICBTC traded within a specific range throughout Bitcoin’s bear market. He noted the crypto pair is fading toward the lower part of the range, with the current market situation, with MATIC showing more weakness. #MATIC / #BTC fading to the lower part of the range. Below 1700 sats, there is not much support for a while. pic.twitter.com/USxsE94Qdr — Benjamin Cowen (@intocryptoverse) June 28, 2023
Read more