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Hong Kong Considers Legalizing Crypto Retail Trading

Hong Kong is taking steps to legalize retail trading of cryptocurrencies, in contrast to Beijing’s crackdown on such trading in mainland China.

Chinese territorial regulators also cipher Hong Kong’s financial regulator on Monday spoke out on exchange-traded funds as competition intensifies with Singapore for the region’s financial hub.

The Securities and Futures Commission is “proactively seeking to establish a regime for approving ETFs that provide exposure to mainstream crypto-assets with appropriate investor protection guardrails,” said the deputy chief executive and executive director. said Julia Leung.

“In the early stages, we expect the underlying assets to be limited to Bitcoin and Ether futures traded on the Chicago Mercantile Exchange,” Leon said at the government’s Fintech Week. Hong Kong ends hotel quarantine last month.

According to the Hong Kong government, the SFC will hold public consultations on how retail investors can be given appropriate access to digital assets under the new licensing regime. Limited to institutional investors with a portfolio of at least HK$8 million ($1 million).

Hong Kong move comes as Singapore sees Tightening the threshold for retail crypto trading, the new limit will be rolled out. Last year, Beijing declared all activities related to digital coins illegal.

Speaking via video at Fintech Week after catching the coronavirus, Hong Kong’s finance chief Paul Chan said Hong Kong is “open and inclusive” when it comes to digital assets. The statement said Covid restrictions have undermined Hong Kong’s status as a financial hub, caused an exodus of residents.

“We would like to make our policy stance clear to the global market to demonstrate our determination to explore financial innovation together with the global crypto-asset community,” Chan said. I’m here.

A bill establishing a statutory licensing regime for virtual asset providers is currently passing Hong Kong’s Rubber Stamp Council and is expected to come into force in March next year.

Former CEO Charles Lee Hong Kong Exchange and ClearingThe city’s stock exchange operator said of the policy announcement: [about digital assets in Hong Kong] hold. ”

But he said many segments of the industry “imported all the crap and all the fraud that we’ve been practicing in traditional finance for over 100 years. And there’s a new generation of people willing to get stolen.” increase.”

Others were more optimistic. “Hong Kong has a rich history of retail forex trading and we believed this could one day be replicated in cryptocurrencies. The day has come,” said the Hong Kong-based firm. said Vince Turcotte, Director of Digital Assets at Eventus.

“The Importance of Individual Investor Participation [virtual asset service providers] It cannot be overstated. Generating sufficient liquidity and order flow from investors and speculators in crypto assets, especially cryptocurrencies, is essential for market making and his VASP business model,” Turcotte added.

Additional reporting by William Langley of Hong Kong

https://www.ft.com/content/86ac5369-f78e-4fe6-8757-650fb4350fd2 Hong Kong Considers Legalizing Crypto Retail Trading

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