Hong Kong To Open Bitcoin Trading For Retail From June 1st
"Hong Kong is coming full circle as it used to be a digital-asset hub in the industry’s earlier years before taking a more skeptical stance. China’s ban on crypto in 2021 dulled the city’s allure as a conduit for mainland cash."
Hong Kong's Securities and Futures Commission said retail investors can trade Bitcoin and other crypto assets under its new rulebook, stepping up a drive to develop a digital-asset hub.
"The agency stuck with a plan to let individual investors buy and sell bigger tokens like Bitcoin and Ether starting June 1 when a new licensing regime for virtual-asset platforms begins."
"The framework seeks to woo crypto firms while safeguarding investors and is part of Hong Kong’s effort to restore its status as a cutting-edge financial center."
"The SFC said in its conclusions that licensed platforms should “comply with a range of robust investor protection measures covering onboarding, governance, disclosure and token due diligence and admission, before providing trading services to retail investors.”"
"Safeguards include knowledge tests, appropriate risk profiling and reasonable limits on exposure."
According to the new regulatory regime, from June 1, unlicensed exchanges, including overseas platforms, actively marketing to Hong Kong investors will be breaking the law.