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This led to Thailand and Singapore becoming home to a number of crypto projects and charging for adoption in Asia..
The movement is the final stage of crypto-regulation taken by Hong Kong in a market that has a longstanding association with a large volume of digital asset trading.
Hong Kong to Issue Consultation Paper
Hong Kong’s Securities and Futures Commission (SFC) is preparing a list of crypto assets open to retail traders, Reuters reported on Wednesday. The new CEO of sfc, Julia Leung Fung-Yee, has declared that these white-listed crypto tokens will be very liquid and considered safe enough for non-professional investors. Leung spoke at a panel discussion at the Asian Financial Forum in Hong Kong in January. 11.
“Some virtual assets platforms have over 2,000 products, but we do not plan to allow retail investors to trade in all of them,” Leung stated, adding, “We will set the criteria that would allow retail investors to [only] trade in major virtual assets.”
Leung made these comments at a panel session at the Asian Financial Forum in Hong Kong on January 11." Some virtual asset platforms have over 2,000 products. 11."A number of virtual asset platforms have more than 2,000 products, but we have no intention of allowing retail investors to trade in every single one," said Leung, adding, "we will define the criteria by which retail investors can [only] trade major virtual assets." outside of the approved chips list, leung added that CFS will be in liaison with the public on the regulation for cryptography retail trade. The approved list is part of a larger cryptography regulatory project which will include the publication of a consultation document by the end of the first quarter of 2023.
It will also include new licensing protocols for crypto exchanges and other providers of virtual asset services. In the case of leung, the aim is the protection of investors. CryptoPotato previously reported that investors in Hong Kong lost $50 million to crypto scams as of August 2022.
The Chief Regulatory Officer highlighted the massive drop in prices due to the current winter of the bear.
CryptoPotato has already reported that investors in Hong Kong lost $50M in August 2022 as a result of crypto scams. Stakeholders in the city-state have long since stated the goal of making it to be a crypto hub in the next bull run.
Stakeholders in the city-state have long declared the objective to make him to be a crypto hub in the upcoming bull race.
Bitmex co-founder arthur hayes noted in October 2022 that the bull market is going to come back when China and Hong Kong "crypto love." back then, Hong Kong's finance people were getting ready to take over the city's crypto position. Back then, Hong Kong finance officials struggled to recover the city's crypto position.
