Hong Kong announces legalization of retail cryptocurrency transactions

Hong Kong announces legalization of retail cryptocurrency transactions

Authorities are preparing to abolish the rule according to which transactions with digital currencies can only be carried out by persons with a wealth of at least $1 million


Authorities in Hong Kong intend to legalize retail transactions in cryptocurrencies, other digital assets and exchange-traded investment funds that work with cryptocurrency. The government is preparing to repeal the current rule, which allows trading in digital currencies only to people with a wealth of at least $1 million, Bloomberg wrote.

At the same time, the Securities and Futures Commission (SFC) of Hong Kong for the first time presented the criteria for obtaining a license for exchange-traded investment funds working with ETFs on cryptocurrencies. At the first stage, they will be able to invest in bitcoin and ether futures, and the list of available instruments will be expanded in the future.

Last fall, Hong Kong announced its own digital currency (CBDC).

Other news

Investing: Five altcoins with the highest growth potential
Reuters: Animoca Brands has lowered fundraising for Web3 to $800 million
Tether estimates first-quarter 2023 earnings at $700 million
U.S. prosecutors indicted Terraform Labs founder on eight counts
Bitcoin mining difficulty increased by 70% in a year
The hype over Arbitrum's airdrop brought down the project's website