• News
    • Bitcoin
    • Altcoins
    • Regulation
    • Blockchain
    • Scam
  • DeFi Zone
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Market Cap
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook Twitter Instagram
Crypto World VisionCrypto World Vision
  • News
    • Bitcoin
    • Altcoins
    • Regulation
    • Blockchain
    • Scam
  • DeFi Zone
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Market Cap
Crypto World VisionCrypto World Vision
Home»Regulation»Not like China: Hong Kong reportedly wants to legalize crypto trading
Regulation

Not like China: Hong Kong reportedly wants to legalize crypto trading

2022-10-22No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

Hong Kong is taking motion to regain its standing as a worldwide cryptocurrency hub by launching a number of authorized initiatives associated to the crypto trade.

A metropolis and particular administrative area of China, Hong Kong is prepared to tell apart its crypto regulation method from the blanket crypto ban in mainland China.

The federal government of Hong Kong is contemplating introducing its personal invoice to manage crypto in its personal China-free means, in line with Elizabeth Wong, head of the fintech unit on the Securities and Futures Fee (SFC).

One of many SFC’s initiatives is permitting retail buyers to “straight make investments into digital property,” Wong mentioned throughout a panel held by InvestHK, the South China Morning Submit reported on Oct. 17.

Such an initiative would mark a major shift from the SFC’s stance over the previous 4 years, which restricts crypto buying and selling on centralized exchanges to skilled buyers, Wong famous. Eligible buyers embrace people with a portfolio value no less than $1 million, or about 7% of the town’s inhabitants, as of September 2021.

Wong emphasised that the crypto trade has turn out to be extra compliant over the previous 4 years, suggesting that it’s time to vary the town’s stance on crypto, stating:

“We predict that this can be really a great time to actually consider carefully about whether or not we’ll proceed with this skilled investor-only requirement.”

The SFC official additionally talked about just a few different authorized initiatives concentrating on the event of the crypto ecosystem in Hong Kong, together with a coverage launched in January to permit service suppliers to promote sure crypto-related derivatives. The regulator has additionally been reviewing whether or not to permit retail buyers to spend money on crypto-related exchange-traded funds, Wong famous.

See also  Dato del IPC en Directo. ¿Hoy se HUNDIRA el Mercado y BITCOIN? Dia Decisivo para ver a donde vamos.

The most recent information comes amid Hong Kong, on Oct. 19, launching a $3.8 billion fund to draw overseas companies again to the town after a large expertise exodus prompted by strict lockdowns and tense political local weather.

Associated: Financial institution of China: Digital yuan transactions quantity crossed $14B mark

In line with an official assertion by the federal government of the Hong Kong particular administrative area, the native authorities has introduced a invoice to suggest establishing a regulatory regime for digital asset service suppliers. The town authorities additionally plan to embrace rising applied sciences like nonfungible tokens and metaverse and develop Hong Kong into an “worldwide digital property heart.”

In line with some stories, Hong Kong has already been succeeding when it comes to crypto adoption to this point. Contemplating various components like crypto ATM installations, pro-crypto laws and startup tradition, Hong Kong was ranked the best-prepared nation for widespread crypto adoption in a examine by Foreign exchange Counsel printed in July 2022.

Source link

China Crypto Hong Kong legalize reportedly Trading
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Crypto G20 Big News युवा बरबाद हो रहा है । Crypto Regulations Big News Today । Bitcoin Update today

2023-03-29

Binance daily withdrawals double as users report problems off-ramping

2023-03-29

New Car Racing Metaverse Game For Mobile PLAY And Earn Money | RADDX NFTs

2023-03-29

NEAR launches $11M grassroots community trust registered in Guernsey

2023-03-29
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Binance.US sent $400M to a partner firm managed by CZ

2023-02-16

AllianceBlock Partners with ARTBANX Collections Management Ecosystem

2023-01-20

Crypto Is ‘Not A Currency… It’s An Electronic Pet Rock,’ Says Rep. Brad Sherman

2022-12-20

Subscribe to Updates

Get the latest news and Update from Crypto World Division about Crypto, Metaverse, NFT and more.

Editors Picks

Cardano (ADA) Poised For Continued Growth

2023-01-31

Will It Run Doom? Kinda

2023-02-02

Israeli duo found guilty of large NFT tax evasion scheme worth $2.2M

2023-03-06

Shiba Inu Developer Admits Blunder With Shibarium Beta Chain ID

2023-03-16

Crypto World Vision
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptoworldvision.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$23,418.000.75%
  • ethereumEthereum(ETH)$1,640.732.33%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.10%
  • binancecoinBNB(BNB)$305.200.68%
  • usd-coinUSD Coin(USDC)$1.00-0.02%
  • rippleXRP(XRP)$0.374110-0.89%
  • okbOKB(OKB)$52.010.03%
  • cardanoCardano(ADA)$0.363892-0.29%
  • matic-networkPolygon(MATIC)$1.25-2.49%