Hong Kong will allow retail investors to trade BTC and ETH in order to become a crypto hub
Key Points:Hong Kong proposed that ordinary investors can trade digital assets such as Bitcoin and Ethereum starting June 1, 2023.
Individual investors will have the ability to trade cryptocurrency on exchanges that are regulated by Securities and Futures Commission (SFC).
Bloomberg reports that Hong Kong plans to allow ordinary investors trade digital assets like Bitcoin and Ethereum. This is a significant step towards Hong Kong’s goal of becoming a crypto-hub. The consultation session will end on March 31. The goal is for retail investors in Hong Kong to be able trade cryptocurrencies by June 1, 2023. Individual investors will be able trade cryptocurrency on exchanges that are regulated by the Securities and Futures Commission. An SFC Spokesman stated at a briefing that Bitcoin and Ethereum are two crypto assets that are expected to be listed by Hong Kong exchanges.Furthermore, Hong Kong is creating an obligatory regulatory framework to attract enterprises and protect investors in order to avoid incidents like FTX in 2022. The government has allowed mutual funds to trade their portfolios in CME Group’s Bitcoin and Ethereum futures. It also sold its first digital green bonds earlier this month. This is in stark contrast with the US, which has regularly issued directives to stop crypto-related activities. The recent Hong Kong moves could open up the possibility of investment on the mainland of China, provided Beijing loosens its crypto bans. Brian Armstrong, the Chief Executive Officer at Coinbase Global, agrees with this view. He noted that serious actions by the US regulators, especially the SEC, could encourage crypto enterprises to migrate. The leading country in crypto assets is Hong Kong. DISCLAIMER – The information on this website is intended to provide general market commentary but does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuChubbiCoincu NewsTags: #BitcoincryptoEthereumHongkongmarketTrading