Hong Kong has proposed several laws that will allow retail investors to trade large volumes of tokens, especially on licensed exchanges
Hong Kong wants to become a crypto hub.
Hong Kong has proposed several laws that will allow retail investors to trade large volumes of tokens, especially on licensed exchanges.
The US government continues to rein in the crypto sector with numerous regulations. At the same time, new places are also emerging that want to center the virtual asset industry. Recently, Hong Kong has proposed several laws that will allow retail investors to trade large volumes of tokens, especially on licensed exchanges.
The relevant city commission does not specify which companies will be granted a permit, but a spokesperson from the regulatory authority points out that the tokens that will be allowed will probably be Bitcoin and Ethereum, the first two of the largest digital assets by market value. It hasn't been long since China's crackdown on crypto trading. Since then, the country's Web3 startups have decided to abandon their domestic Sundays and then turned their focus abroad.
In addition, new bases have been established in places such as Singapore and October. Normally, all of its developers in China continue to benefit from the group, which consists of the country's affordable technology capabilities. Thus, things can be easily controlled in every region. Due to all this, Hong Kong is trying to create a more relaxed regulatory environment for cryptocurrencies. If these are implemented, some of the China-based Web3 companies may return. China's crackdown on crypto trading, the flurry of bankruptcies and layoffs that have rocked the global crypto industry are not overlooked. When these are taken into account, it also makes it clear that it wants to become a cryptocurrency center.
Hong Kong, a historical financial center, could be a good laboratory center for China's politicians to test the potential of the country's blockchain. Finally, we should add that the proposal put forward by Hong Kong requires that virtual currency exchanges serving investors in the city obtain licenses. Central crypto exchanges have to ban Hong Kong IP addresses until they receive permits to operate in the territory. The new regulations will enter into force on June 1. #hongkongweb3 #hongkongnarrative #BTC #crypto2023 #Binance
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