Hong Kong Monetary Authority’s Eddie Yue confirmed that Bitcoin startups will be allowed in Hong […]
Hong Kong Monetary Authority’s Eddie Yue confirmed that Bitcoin startups will be allowed in Hong Kong.Hong Kong will open its doors to
this week, he said that although Bitcoin startups are welcome, they shouldn’t anticipate things to be straightforward.On 1 June, Hong Kong will begin a new licensing system for companies that offer virtual asset services. It also intends to enable ordinary investors to trade significant crypto assets. However, mainland Chinese traders won’t have access to this chance because of Beijing’s ban on cryptocurrencies.
Permits will be given to platforms that deal with digital assets under the new regulatory system. Throughout the following year, a stablecoin licensing requirement is anticipated to be implemented. It was mentioned that restricting access would drive traders to unregulated foreign platforms. These platforms can only currently accommodate accredited professional investors.
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