Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Hong Kong Considers Direct Cryptocurrency Retail Participation

Cryptocurrency Oct 27, 2022 07:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Hong Kong Considers Direct Cryptocurrency Retail Participation

  • Hong Kong says its stance on cryptocurrency differs from China’s.
  • Hong Kong considers enabling direct selling to retail investors from crypto exchanges.
  • This move is in order to attract fintech businesses leaving Hong Kong.

Hong Kong has announced that its official stance on cryptocurrency differs from that of Mainland China. Reassuring web3.0 businesses in the city, Hong Kong now considers enabling direct selling services to retail investors for all crypto exchanges and intermediaries.

During a panel discussion hosted by InvestHK, the director of licensing and head of the fintech unit of the Securities and Futures Commission (SFC), Elizabeth Wong stated,

the ‘one country, two systems’ principle forms the basic foundation of Hong Kong’s financial markets, and the fact that the city can introduce its own bill to regulate cryptocurrencies shows just how separate Hong Kong is from the mainland

The introduction of retail participation allowing “direct investment into virtual assets,” would account for a significant change in the SFC’s standpoint for the last four years, added Wong. SFC’s present stance limited cryptocurrency trading on centralized exchanges to professional investors.

Moreover, its definition of a professional investor is a user with HK$8 million or USD $1 million portfolio. Industry players have already stated that the professionals-only approach is the key reason driving crypto business away from the city.

Therefore, these industry changes come in an effort to attract FinTech companies that are leaving while Hong Kong pursues to regain its reputation as a cryptocurrency hub.

Moreover, Hong Kong officials will reveal a new cryptocurrency policy during the Fintech Week event due next week. Event organizers said that the new policy will share a “vision of developing Hong Kong into an international virtual assets centre,” making its outlook on virtual assets transparent to global markets.

The post Hong Kong Considers Direct Cryptocurrency Retail Participation appeared first on Coin Edition.

See original on CoinEdition

Hong Kong Considers Direct Cryptocurrency Retail Participation
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email