Crypto Legal Network Logo

Big Step For Cryptocurrencies: Hong Kong Approves Individual Investors

big step for cryptocurrencies hong kong approves individua investors

The Hong Kong Securities Commission (SFC) initiated the change for crypto money investors . The Hong Kong Securities Commission has announced that under the new regulations for the sector cryptocurrency trading would be open to ordinary investors . Investors at the retail level will be permitted to participate in cryptocurrency trading beginning on June 1, 2023 .

As of June 1st, 2023, Individual Investors Can Invest in Cryptocurrencies.

Starting on June 1st, 2023 retail investors in Hong Kong will have access to trading services and cryptocurrency exchanges will get support . As a result mainstream investors will have access to Bitcoin and other major, reputable cryptocurrencies . 

We already know that Hong Kong has taken action to demonstrate its ambitions to lead the area in the adoption of cryptocurrency . For their part regulatory agencies are beginning to take action in the industry . Major corporations are making substantial moves to establish themselves there as a result .  

big step for cryptocurrencies hong kong approves individua investors 2

However, As Of This Writing, No Organization Has Been Granted SFC Approval .

The SFC has not yet authorized any virtual asset trading platform to provide its services to individual investors despite the fact that the rules will go into effect in June 2023 . The SFC received 152 written contributions from industry members throughout the consultation period, per the release .

The SFC has said that it would adopt a “number of robust measures” to safeguard retail investors . Among them are appropriate management, appropriate onboarding procedures, appropriate admission requirements, appropriate transparency  and appropriate token due diligence .

The majority of publicly available trading platforms for cryptocurrencies are not currently regulated by the SFC as was noted in the release . Those who do not desire to follow the new regulations have been advised to prepare for an “orderly closure” of their Hong Kong activities according to the document .

Read Previous

AI-Powered Fake News Causes Market Dip as False Pentagon Explosion Image Circulates

Read Next

Bitcoin Blockchain Hits All-Time High Daily Transactions as BRC-20 Tokens Drive Surge

Leave a Reply

Your email address will not be published. Required fields are marked *