In order to establish a crypto hub in Hong Kongthe local supervisory authorities have announced that per 1 June 2023, individuals will be able to buy Bitcoin (BTC) and other cryptocurrencies which will be allowed.
The Hong Kong Securities and Futures Commission (SFC) has actually published a document stating that The proposal to allow licensed trading platform operators to serve retail investors was accepted.
Before individuals can buy and trade Bitcoin and cryptocurrencies in Hong Kong, crypto exchanges must first register with local regulatory authorities to obtain a crypto license.
Huobi, OKX and other major crypto exchanges are vying to be allowed to do this the Autonomous Special Administrative Region of China.
Certain cryptocurrencies will not be approved, especially stablecoins will be prohibited for retail investors.
Julia Leung, Chief Executive of the SFC, said:
“Providing clear regulatory expectations is key to promoting responsible development.
Hong Kong’s comprehensive regulatory framework for virtual assets follows the principle of “same business, same risks, same rules” and aims to provide strong investor protection and manage key risks. This will allow the industry to grow sustainably and support innovation. »
Many are waiting for the launch of crypto trading in Hong Kong, and some are hoping that this new Asian crypto hub could revive the Bitcoin price and the crypto market on the way up.
Cameron WinklevossThe CEO of the crypto exchange Gemini, said on his Twitter account that he believes the next bull run will be initiated by Asia.
“My working thesis is that the next bull run starts in the East. It will be a humbling reminder that crypto is a global asset class and that the West, indeed the United States, has always had only two options: embrace it or be left behind. It cannot be stopped. We know it. »
My working thesis atm is that the next bull run starts in the East. It will be a humbling reminder that crypto is a global asset class and that the West, indeed the US, always had only two options: embrace it or be left behind. It cannot be stopped. We know that.
—Cameron Winklevoss (@cameron) 19 February 2023
Answer in a few weeks or months to find out if Hong Kong’s crypto initiative will help the BTC price and the crypto market rise again.
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