Hong Kong Bolsters Crypto Hub Initiative, Helps Retailers Invest in Digital Assets | Invezz
Hong Kong continues to dominate the news as it pushes to become a cryptocurrency hub. After urging crypto experts to set up exchanges and businesses, the latest updates reveal that the country’s new rules allow retail investors to interact with cryptocurrencies.
Sources familiar with the updates confirmed that cryptocurrency investors can trade major assets including Bitcoin and Ethereum. The crypto market will likely capitalize on these market-friendly updates to maintain a positive trajectory.
As most major economies struggle with regulatory pressure, Hong Kong is finding an opportunity to consolidate its dominance, boosting the country’s crypto hub initiative. The country continues to attract crypto businesses and exchanges worldwide.
Hong Kong backs crypto retail
Hong Kong SFC (Securities & Futures Commission) plans to confirm retail investor involvement in crypto today (May 23) (at a press conference). Meanwhile, the new rules stated that retailers would trade only the best cryptos.
While countries like the United States and China restrict crypto investors, Hong Kong is adopting an open-minded strategy, licensing and regulating the cryptocurrency market. For example, Hong Kong plans to launch a licensing regime for crypto companies in May, although retailers can access it from June 1.
Hong Kong attracts crypto companies
Hong Kong continues its drive to become a crypto hub as other countries remain uncertain due to regulatory concerns. The city has attracted crypto firms and exchanges such as Huobi and OKX plan to seek approval.
In the meantime, BC Technology’s OSL and Hashkey remain the only certified crypto companies in Hong Kong. Recently, Invezz reported that HashKey Group announced plans to raise $100-200 million at a valuation exceeding $1 billion.
Ripple has joined the e-HKD pilot program to showcase real estate asset tokenization solutions. Additionally, BitMEX is launching BitMEX Hong Kong, a service for joining the city’s VASP (Virtual Asset Service Provider) scheme.
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