Hong Kong regulator forms its list of cryptocurrencies allowed for retail trading
The new legal regime will make the city more friendly to startups in the field of digital assets
11.01.2023 - 13:30
359
2 min
0
HONG KONG, Jan 11 (Reuters) - Hong Kong securities watchdog will propose a subset of tokens it would allow for retail investors' trading, its chief executive said on Wednesday, as it presses on with a new regulatory regime that will make the city more friendly to crypto startups.
As investor protection will continue to be the focus of the new virtual asset service provider (VSAP) regime, the Securities and Futures Commission (SFC) will also seek public views about specific guardrails for retail trading, said Julia Leung, chief executive officer at the commision.
"Virtual assets have in the past year gone from peak to low (price) levels. The good thing is that when the froth is taken out from the system as platforms and some tokens collapsed, it focuses investors and sellers' minds on investor protection," Leung said at a panel discussion at the Asian Financial Forum in Hong Kong on Wednesday.
Hong Kong's move to allow retail trading in cryptocurrencies has come after months of turmoil in the sector, with the collapse of crypto exchange FTX the latest blow.
Bitcoin, the biggest cryptocurrency, has lost more than 70% of its value since hitting a record high in November 2021.
The SFC will start accepting applications for VASP licences, in mid 2024, Leung said. The new crypto regime requires all trading platforms and exchanges to apply for a licence failing which would result in fines and jail terms,
Industry sources have said they expected the consultation on retail trading to start within the first quarter. Leung said the tokenization of investment funds and bonds will also fall under the purview of the SFC.
This material is taken from the website reuters.com.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 345
BTC
+1.84%
-
Ethereum
$3 299.13
ETH
+0.34%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.44
XRP
+30.46%
-
Dogecoin
$0.400405
DOGE
+5.31%
-
Cardano
$0.935892
ADA
+19.68%
-
Bitcoin Cash
$482.92
BCH
+1.27%
-
Polkadot
$6.34
DOT
+9.64%
-
Stellar XLM
$0.295859
XLM
+23.44%
-
Litecoin
$89.7
LTC
+1.7%