8 months ago
Hong Kong volition present absorption connected regulating over-the-counter (OTC) cryptocurrency trading, according to section sources. Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim stated that the authorities volition purpose to mitigate the risks of virtual assets amidst the rising involvement of mainland investors utilizing the metropolis arsenic a span to put successful crypto assets.
Hong Kong to Push Stronger Regulation for Crypto OTC Desks
Hong Kong is preparing to fortify its regulatory model for over-the-counter (OTC) cryptocurrency operations. According to section reports, the determination has been influenced by the influx of Chinese mainland investors to the Hong Kong marketplace who usage the metropolis arsenic a span for these investments.
Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim stated that with these actions, Hong Kong authorities volition purpose to mitigate the imaginable risks of virtual assets portion providing transparency for the users investing successful these assets.
Earlier reports explained that Chinese investors were investing successful cryptocurrency assets to flight the sluggish show of the mainland nationalist banal market. Reuters stressed these investors were utilizing Hong Kong-based platforms to get astir the prohibition that the mainland declared connected the trading of crypto assets successful 2021, utilizing their $50,000 overseas currency quota for this objective.
Local sources did not specify if these caller determinations for OTC markets were already prepared oregon inactive a enactment successful progress.
In opposition to mainland China, Hong Kong has been unfastened to cryptocurrency, with the Hong Kong Securities and Futures Commission (SFC) having precocious published the norms that volition modulate the aboriginal issuance of spot Bitcoin exchange-traded funds (ETF) successful the country. The SFC recognized the popularity of virtual assets successful the metropolis and reported a precocious request for instruments leveraging these virtual assets.
What bash you deliberation astir the determination to modulate crypto OTC markets successful Hong Kong? Tell america successful the comments conception below.
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