Hong Kong is still believed to be interested in giving its citizens availability of crypto trading despite other jurisdictions “taking a step back,” as per Neil Tan, chair, FinTech Association of Hong Kong (FTAHK), as stated by Cointelegraph.
According to Cointelegraph, Tan stated that “Hong Kong is stepping forward,” based on crypto retail trading. On June 1, 2023, a Hong Kong-based crypto licensing regime will be implemented. Sources suggest that the licensing regulations will be unveiled on May 1, 2023.
Based on Cointelegraph’s information, in February, 2023, the region’s securities regulator suggested permitting retail traders grant of licensed crypto platforms, based on licensing regime proposals for Virtual Asset Service Providers (VASPs). The regulator highlighted that denial of access could result in traders entering unregulated overseas platforms. In January, 2023, Julia Leung Fung-yee, CEO, Securities and Futures Commission (SFO), stated that retail traders would face restrictions for “highly liquid” digital assets.
“People are actually adopting [crypto] inside of their portfolios. Whether you’re talking about the retail side, high net worth or institutional investors, everyone’s looking at their portfolios and trying to get that type of exposure,” Tan concluded.
(With insights from Cointelegraph)