Residents of mainland China can legally purchase Bitcoin! How will this change China's crypto market?
Hong Kong legislator Wu Jiezhuang has proposed the launch of a 'Digital Link' 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 interconnection between the two regions and meet national needs. Specifically, the 'Digital Link' will provide a platform for mainland investors to participate in cryptocurrency trading.
It is worth noting that mainland China has strict restrictions on cryptocurrency trading, prohibiting direct trading activities of cryptocurrencies. 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 June 1, 2024, individual investors will be able to trade cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) under appropriate safeguards, while mainstream cryptocurrencies await approval. However, stablecoins, proprietary trading, loans, and other services are temporarily prohibited.
If the 'Digital Link' concept proposed by legislator 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 crypto market. However, to protect investors and maintain market stability and integrity, any such measures need to carefully consider risk management and compliance.
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