Mainland residents can legally purchase Bitcoin! How will this change China's cryptocurrency market?
Hong Kong Legislative Council member Wu Jiezhuang proposed the introduction of a "digital connection" aimed at creating a special channel that allows mainland investors to sell digital assets recognized by Hong Kong. These proposals aim to enrich the connotation of connectivity between the two regions to meet national needs. Specifically, the "digital connection" will provide a platform for mainland investors to participate in cryptocurrency trading.
It is important to note that mainland China has strict restrictions on cryptocurrency trading, prohibiting direct trading activities. However, under the framework of "one country, two systems"
In addition, the Hong Kong government is actively building an environment conducive to the development of virtual assets (including cryptocurrencies). For example, new rules for retail investors from the Hong Kong Securities and Futures Commission (SFC) have been announced. Starting from June 1, 2024, individual investors will be able to trade cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) under appropriate safeguards, but services like stablecoins, proprietary trading, and loans are temporarily prohibited.
If the "digital link" concept proposed by Member Wu Jiezhuang can be implemented, it may further enhance Hong Kong's status as an international financial center and establish a new bridge between mainland China and the global cryptocurrency market. However, to protect investors and maintain market stability and integrity, any such measures need to be carefully considered regarding risk management and compliance.
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