Hong Kong boosts crypto hub initiative, supports retailers to invest in digital assets

    Hong Kong continues to dominate the news as it pushes to become a cryptocurrency hub. After urging crypto experts to build exchanges and companies, the latest updates reveal the nation’s new rules allow retail investors to interact with cryptocurrencies.

    Sources familiar with the updates confirmed that cryptocurrency investors could trade top assets, including Bitcoin and Ethereum. The crypto market will likely capitalize on these market-friendly updates to maintain a positive trajectory.

    Breaking: Hong Kong Allows Retail Investors Trade #Bitcoin, ETH, Other #Crypto#Web3Wiser

    — Wise (@web3wiser) May 23, 2023

    While most leading economies fight with regulatory pressure, Hong Kong finds an opportunity to cement its dominance, boosting the country’s crypto hub initiative. The nation continues to attract crypto firms and exchanges globally.

    Hong Kong supports crypto retail trading

    Hong Kong SFC (Securities & Futures Commission) plans to confirm retail investors’ involvement in crypto today (23 May) (during a press conference). Meanwhile, the new rules indicated that retailers would only trade top cryptos.

    While nations like the United States and China restrict crypto investors, Hong Kong adopts an open-minded strategy, licensing and regulating the cryptocurrency market. For instance, Hong Kong plans to launch an authorization regime for crypto companies in May, though retailers can access it from 1 June.

    Hong Kong attracts crypto companies

    Hong Kong continues with its initiative of becoming a top crypto hub as other nations remain uncertain due to regulatory worries. The city has attracted crypto business, and exchanges such as Huobi and OKX plan to apply for approval.

    Meantime, BC Technology’s OSL and Hashkey remain the only certified crypto companies in Hong Kong. Recently, Invezz reported that HashKey Group announced plans to fundraise $100 – $200 million at a valuation exceeding $1B.

    Ripple joined the e-HKD Pilot Program to showcase Real Estate Asset tokenization solutions. Moreover, BitMEX launches BitMEX Hong Kong, a service to adhere to the city’s VASP (Virtual Asset Service Provider) regime.

    The post Hong Kong boosts crypto hub initiative, supports retailers to invest in digital assets appeared first on Invezz.

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