- Hong Kong watchdog to allow trading of large cryptocurrencies.
- SFC to allow trading of these massive cryptocurrencies only on licensed crypto exchange platforms.
- Huobi Global has applied for a crypto trading license in Hong Kong.
Hong Kong, the land of the rising sun, will allow the country’s retail sector to begin trading cryptocurrencies with the highest market capitalizations, such as Bitcoin (BTC) and Ethereum (ETH).
The Hong Kong Securities and Futures Commission (SFC), according to sources familiar with the report, would only permit the trading of these massive cryptocurrencies on cryptocurrency exchange platforms that have been granted licenses by the government of Hong Kong. Also, these cryptocurrency exchanges are required to take the safety of their customers into consideration, which requires them to check off certain boxes including exposure restrictions and risk profiles.
Based on the SFC’s clarification, the major cryptocurrencies would be accepted in the country in two distinct formats. Independently maintained indexes are one of the options accessible. On the other hand, one’s feet should have been firmly planted in the more traditional banking system. The agency also stated that the consultation session will continue until March 31st of this year.
As per the recent proposal, all trading platforms that want to apply for a license “should begin to assess and change their systems and controls in order to prepare for the new regime.” According to Bloomberg, an SFC representative stated that Hong Kong platforms will most likely list Bitcoin and Ethereum.
In other recent reports, Huobi Global has applied for a cryptocurrency trading license in Hong Kong. This is a significant move for both the Hong Kong and Huobi exchange platforms, demonstrating their dedication and preparation for legislation in order to increase cryptocurrency acceptance across the country.
Read Also :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
