Hong Kong publishes approved list of crypto-assets for retail: report
Hong Kong publishes approved list of crypto-assets for retail: report
The regulatory authorities in Hong Kong will soon decide in which crypto tokens their citizens can invest in a number of new guidelines for digital assets that come this year.
The step is the latest step of cryptor regulation that Hong Kong has undertaken in a market that has long been associated with a significant trading volume for digital assets.
Hong Kong publishes consultation paper
The Securities and Futures Commission (SFC) from Hong Kong prepares a list of crypto-assets that are open to individual dealers, Reuters reported on Wednesday. The new SFC CEO, Julia Leung Fung-Yee, said that these crypto tokens will be highly liquid on the white list that are considered safe enough for non-professional investors. Leung made these comments during a panel meeting at the Asian Financial Forum, which took place on January 11th in Hong Kong.
"Some platforms for virtual assets have over 2,000 products, but we do not plan to enable private investors to trade with everyone," said Leung, adding: "We will determine the criteria that would enable small investors [Only] trade in large virtual assets."
Apart from the list of the approved tokens, Leung added that the SFC would speak to the public about regulations for the crypto mandle in retail. The approved list is part of a more comprehensive crypto regulatory advance that will include the publication of a consultation paper before the end of the first quarter of 2023. This regulatory advance will also contain new licensing protocols for crypto exchanges and other providers of services for virtual assets.
for Leung is the goal of investor protection. The head of the regulation pointed out the massive drop in prices, which was triggered by the current bear winter. CryptoPotato previously reported that investors in Hong Kong have lost $ 50 million by crypto fraud by August 2022.
Asia could rekindle crypto bull run
The planned regulations for retail participants are the latest positive crypto development from Hong Kong. Stakeholders in the city state have long formulated the goal of turning it into a crypto hub at the next bull run.
Bitmex co-founder Arthur Hayes noticed in October 2022 that the bull market will return when China and Hong Kong "love Krypto". At that time, Hong Kong's financial officials tried to recapture the city's former crypto -friendly attitude.
A number of strict crypto measures in the past two years has steamed the enthusiasm for the investment class in Hong Kong. This meant that Thailand and Singapore became home to several crypto projects and cited the indictment for adoption in Asia.
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