Hong Kong – Trading can be legalized for individuals

Hong Kong’s new turn towards cryptocurrencies is well and truly confirmed! Shortly after having relaxes its legislationinforms the Financial Supervisory Authority that it would be ready to legalize cryptocurrency trading for retail investors. This with a view to rebuild the reputation of the city and its financial center internationally. By these decisions, Honk Kong’s policy differs from the rest of China, where cryptocurrencies and related activities are almost all banned.

This is good news for Hongkongers circulating at the beginning of the week. The National Securities and Futures Commission is launching a public consultation with a view to allow individual investors to trade cryptocurrencies.

Against this backdrop, Finance Minister Paul Chan said that Hong Kong was ” open and inclusive to the global community of innovators who participate in activities related to virtual assets. “Before Ending” in many ways we are telling the world that we are back in business. »

If the measure is adopted (a priori in March 2023), millions of people could have access to the cryptocurrency market. It should be remembered that there is currently one restriction for all users whose wallet weighs less than HK$8 million. This corresponds to approximately 1 million euros.

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Is trading open to private individuals from March 2023?

By opening up trade to individuals, the country will also have to pose limits to reduce the risks they are exposed to. It is for this reason that the financial supervisory authority will first assess the options before finally opening it up to individual investors. Indeed, managers will be aware of the risks that these individuals run. A prevention campaign is also on the agenda.

The regulator explains that if this were to be possible, it would be necessary to provide access to cryptocurrencies through exchange-traded funds or ETFs (Exchange-traded fund). ETFs could thus be listed.

“We recognize the growing acceptance of AV as an investment allocation vehicle among global investors, both institutional and individual. The launch of these products in Hong Kong will connect AV players with traditional financial institutions, providing investors with well-designed products, furthering the industry’s overall growth in our market. »

Christopher Hui, Secretary of Financial Services and Treasury Office.

Hong Kong may make a comeback on the crypto scene in the coming months.

You can also dive into the world of cryptocurrencies forever! Sign up now on the PrimeXBT platform to buy your first cryptocurrencies (commercial link).

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