Hong Kong's Securities and Futures Commission (SFC) is set to release guidelines for a crypto licensing framework in May. The framework, effective by June 1, will require crypto platforms to register with authorities, allowing licensed exchanges to offer major cryptocurrencies, like Bitcoin and Ethereum, to retail traders. This move reinforces Hong Kong's goal to become a leading cryptocurrency hub in Asia, with existing exchanges like Hashkey and OSL already offering crypto trading services. With the backing of the city's banking sector, more crypto firms may look to establish a presence in Hong Kong.

#Binance #BTC #hongkong #crypto2023

A new warning has been issued to banks from the Monetary Authority in Hong Kong, which has been moving in the opposite direction of the US and taking positive steps regarding cryptocurrencies recently. The institution informed HSBC, Standard Chartered and the Bank of China, which issue the country's currency, that cryptocurrency companies should be accepted as customers.

The financial regulator Monetary Authority (HKMA) in Hong Kong, which has made positive moves on cryptocurrencies, discussed the issue of cryptocurrencies with 3 major banks that have the right to issue the official currency of the region.

Warning was given when reluctance was seen

According to a report by the British media Financial Times; After the meeting between the parties in April, the Monetary Authority saw reluctance in banks to accept cryptocurrency exchanges and other virtual currency companies as customers. At the meeting in April, the HKMA told banks that conducting research on cryptocurrency companies should not be a burden for them.

However, in May, another meeting was held after this reluctance continued, and the HKMA informed these 3 institutions, including two major global banks, that regulated companies working with cryptocurrency should be accepted as customers.

On the other hand, Arthur Yen, deputy chairman of the regulatory authority, noted in an official statement that virtual asset service providers (VASPs) can easily become customers of banks after they are regulated.

KYC and money laundering…

The report in the Financial Times also listed the reasons behind the hesitation of such traditional banks from the crypto sector. In the news that the HKMA advised banks “not to be afraid," a person with detailed knowledge of the matter also said:

“There is a resistance to crypto from banks that work with traditional consciousness. The managers of such banks do not want to do business in crypto.”

The news also included the words of an unnamed bank manager:

“We are stuck between the fears of money laundering and KYC procedures and supporting innovation Dec.”

Standard Chartered, one of the mentioned banks, stated that they were consulting with regulators on many different issues, while HSBC expressed

interest in this newly developing field.

The Bank of China did not respond to questions from the Financial Times. #hongkong #crypto2023 #BTC #Ethereum #Binance

BTC was dumped from two consecutive days,Today on Monday Hong Kong's securities regulator approved the first spot bitcoin and ethereum exchange traded funds (ETFs), This is interesting as Asia becomes first to attempt the popular cryptocurrencies as a mainstream investment tool.On immediate bases BTC shows some strength 👇
Low price More buying.More buying More volume.Approved ETFs leads to HODL.One point is very clear that on bigger time frames dumping can't marked ,it may be the dips for necessary corrections as halving is just a week away.Whatever the scenario dumping or pumping, make sure your leverage is far far away for future trades.
Main important,the Hong Kong unit of BAM and CAM revealed that they had received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to launch the ETFs. This is a positive sign to invest for investors But what to do as Friday to Sunday was seen having billions of liquidations for future traders most of middle investors became out of money.
Right now there is a confusion either dump is going to start or what?
In this situation today news of ETFs approval gave a cool breath to asses something positive.ETFs can't maintain a fixed price as gold but this is strong step towards future crypto money that is dreamt to be.
As concluded,Spot traders are still hopeful 🤞 Future traders are looking into trades to get their money back.
#ETFs #hongkong
#leverage #BTC #ETH

Experts in the blockchain, cryptocurrency, and Web3 sectors believe that Hong Kong is positioning itself as a prime destination for businesses operating in these fields, potentially drawing them away from the United States. Over the past year, Hong Kong has taken several steps to foster the development of Web3 and enable cryptocurrency investment, including the establishment of the Task Force on Promoting Web3 Development. The task force includes advisors such as Yat Siu, co-founder of Web3 investment firm Animoca Brands. Siu praised Hong Kong's evolving attitude towards the industry and its willingness to include numerous Web3 proponents in the task force. The city's efforts to cultivate the Web3 sector have yielded positive results, with over 150 firms attracted to the Cyberport technology hub this year, investing substantial amounts to acquire virtual asset service provider licenses. With its proactive approach, regulatory clarity, and support for innovation, Hong Kong is establishing itself as a leading hub for blockchain, cryptocurrencies, and Web3, potentially luring businesses away from the US.

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