Hong Kong plans to allow retail investors to trade certain digital currencies on licensed exchanges in a major step towards establishing itself as a crypto hub. This move contradicts China’s stance on crypto-related transactions, which are outright prohibited, as well as the United States’ crackdown on the crypto industry.
While there was no mention of which large-cap tokens would be permitted, a spokesperson for the Securities and Futures Commission (SFC) said they would most likely be Bitcoin and Ether, two of the largest digital assets by market value.
The Hong Kong Securities and Futures Commission announced safeguards such as knowledge tests, risk profiles, and reasonable exposure limits.
Hong Kong plans to allow retail investors to trade certain digital currencies on licensed exchanges in a major step towards establishing itself as a crypto hub. This move contradicts China’s stance on crypto-related transactions, which are outright prohibited, as well as the United States’ crackdown on the crypto industry.
While there was no mention of which large-cap tokens would be permitted, a spokesperson for the Securities and Futures Commission (SFC) said they would most likely be Bitcoin and Ether, two of the largest digital assets by market value.
The Hong Kong Securities and Futures Commission announced safeguards such as knowledge tests, risk profiles, and reasonable exposure limits.
According to CoinMarketCap data, the two largest tokens by market cap (Bitcoin and Ether) both contributed to a 7.1% increase in the total value of the crypto market, which stood at $1.12T at the time of writing.