The securities agency of Hong Kong is planning to allow multiple crypto assets trading for the citizens.
Hong Kong is a technology adaptive region in the world and in the present time, Crypto trading is allowed only for qualified people. Any person who owns a portfolio worth at least $1 million can invest in selected numbers of Cryptocurrencies.
Recently Reuters reported that Hong Kong’s Securities and Futures Commission (SFC) was working on new policies for the Crypto sector, which also includes the provision to allow retail crypto investment.
Juliana Leung Fung-yee, CEO of SFC, said that the regulatory body is working to whitelist several high-liquidity crypto assets for the citizens, in which they can invest. Through the new planings, Hong Kong authorities are looking to introduce limited & safe Crypto services to the citizens.
Julia Leung said:
“Some virtual assets platforms have over 2,000 products, but we do not plan to allow retail investors to trade in all of them,” Leung stated, adding, “We will set the criteria that would allow retail investors to [only] trade in major virtual assets.”
SFC official also said that the latest decisions are part of expanding the crypto regulation policies of the country. For the same, SFC will publish a consultation paper in the first quarter of this year.
It is worth it to note that Hong Kong is officially the Hong Kong Special Administrative Region of the People’s Republic of China. The crypto industry knows very well how China imposed a blanket ban on cryptocurrencies in 2021. In the same year, Hong Kong also banned Crypto assets trading for small investors.
Despite the Crypto blanket ban in China, huge numbers of people use VPN services to access Decentralised Crypto exchanges to trade crypto assets.