The rumors that have been circulating these days in the crypto local community have eventually been confirmed. Hong Kong ideas to enable person traders to trade huge-cap coins.
As it was Coinlive reported a number of days in the past, the crypto local community is spreading rumors that China is about to reopen to crypto, beginning with Hong Kong.
Even if it is only an unconfirmed rumor that has met with lots of damaging remarks, the market place has nevertheless responded incredibly positively. Many coins from China have started out to boost substantially, this kind of as Filecoin (FIL) or Conflux (CFX), …
As of now, February twenty, the over rumor has turned into actuality when the newspaper Bloomberg reported that Hong Kong is about to enable person traders to trade huge-cap tokens.
Hong Kong has outlined a program to enable retail traders to trade digital tokens this kind of as Bitcoin and Ether, a important phase in direction of its target of getting a crypto hub https://t.co/yiaD88HVHo
— Bloomberg Crypto (@crypto) February 20, 2023
Specifically, Hong Kong has outlined a program to enable retail traders to trade Bitcoin (BTC), Ethereum (ETH) and a amount of other important coins. This is an critical phase in direction of Hong Kong’s target of getting a important crypto hub.
Investors can trade on platforms licensed by the Securities and Futures Commission (SFC). Along with that are measures to defend traders this kind of as danger warnings, expertise exams, evaluate and danger limits, and so forth.
Regulators did not specify which coins. But there is a advised evaluate criterion that coins will have to be in at least two accepted indices from highly regarded vendors.
The deadline for discussion and approval of this policy consultation is 31 March 2023. If accepted, the new policy will get result from one June. The SFC spokesperson also extra that, if accepted, BTC and ETH will most possible be listed on Hong Kong exchanges.
Contrary to the US crackdown on cryptocurrencies, Hong Kong has started out “pivoting” to cryptocurrencies due to the fact October 2022 with a program to legalize cryptocurrency trading. In November, Hong Kong announced ideas to launch a mainstream cryptocurrency ETF. These efforts aim to restore Hong Kong to its part as a worldwide monetary hub.
Also, as TRON founder Justin Sun says: China sees Hong Kong as a spot to experiment with cryptocurrencies. A new set of constructive alterations for cryptocurrencies can be observed in the vital Asian market place.
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