Bloomberg described this as an important step for Hong Kong to become a crypto hub;
According to Bloomberg, an SFC spokesperson said, “Bitcoin and Ethereum, which are the most valuable in the virtual asset market, are likely to be listed on the Hong Kong platform.”
Hong Kong SFC explained in a document released on its website that “in order for a virtual asset trading platform to obtain a license, it must provide knowledge testing and strict risk management for individual investors.”
This allows individual investors to trade large coins on licensed exchanges with safeguards such as knowledge testing, risk management and reasonable exposure limits in place.
The authorities plan to discuss with the industry by March 31 and grant the exchange license by June 1.
Bloomberg pointed out that Hong Kong has taken a turn in favor of cryptocurrencies, contrary to the tightening of regulations by the US authorities.
The cryptocurrency community expects Hong Kong’s policy shift to spur inflows of Chinese funds.
Hong Kong outlined a plan to let retail investors trade digital tokens like Bitcoin and Ether, a major step toward its goal of becoming a crypto hub https://t.co/yiaD88HVHo
— Bloomberg Crypto (@crypto) February 20, 2023
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