Hong Kong To Open Bitcoin Trading For Retail From June 1st
"Hong Kong is coming full circle as it used to be a digital-asset hub in the industry’s earlier years before taking a more skeptical stance. China’s ban on crypto in 2021 dulled the city’s allure as a conduit for mainland cash."
- Hong Kong's Securities and Futures Commission said retail investors can trade Bitcoin and other crypto assets under its new rulebook, stepping up a drive to develop a digital-asset hub.
- "The agency stuck with a plan to let individual investors buy and sell bigger tokens like Bitcoin and Ether starting June 1 when a new licensing regime for virtual-asset platforms begins."
- "The framework seeks to woo crypto firms while safeguarding investors and is part of Hong Kong’s effort to restore its status as a cutting-edge financial center."
- "The SFC said in its conclusions that licensed platforms should “comply with a range of robust investor protection measures covering onboarding, governance, disclosure and token due diligence and admission, before providing trading services to retail investors.”"
- "Safeguards include knowledge tests, appropriate risk profiling and reasonable limits on exposure."
- According to the new regulatory regime, from June 1, unlicensed exchanges, including overseas platforms, actively marketing to Hong Kong investors will be breaking the law.
