Hong Kong Regulator To Permit Only Approved Crypto Tokens

  • Hong Kong’s SFC is compiling a summary of crypto assets.
  • Whitelisted cryptocurrencies are individuals with substantial liquidity and regarded safe.

Having a slew of recent digital asset rules slated to enter effect this season. Regulators in Hong Kong will quickly decide which crypto tokens its people may purchase. This is actually the newest crypto regulatory action taken by Hong Kong, an industry with deep roots within the trade of digital assets.

Based on a Reuters report, Hong Kong’s Securities and Futures Commission (SFC) is compiling a summary of crypto assets that’ll be open to retail traders. Whitelisted cryptocurrencies, based on SFC’s new leader Julia Leung Fung-yee. Are individuals with substantial liquidity which are also considered safe for retail investors. It was stated by Leung on the panel in the Asian Financial Forum in Hong Kong on The month of january 11.

Stringent Regulatory Effort

Furthermore, Leung elaborated by saying the SFC would talk to the general public on limitations for retail crypto buying and selling. Additionally to publishing a summary of approved tokens. The publication from the consultation document in the finish of Q1 2023 is part of a bigger effort to manage cryptocurrencies, that also includes the development of the approved list. New licensing approaches for crypto exchanges along with other virtual asset providers are also found in this regulatory effort.

In Leung’s opinion, the best aim may be the safety from the investors. The mind of regulation stated the functional cost drop introduced on through the present bear winter. As many as $50 million in Hong Kong dollars has apparently been lost to cryptocurrency frauds by August of 2022. The most recent encouraging trend in cryptocurrency to leave Hong Kong may be the suggested legislation for retail players. 

Latest stories

You might also like...