Hong Kong to allow retail traders to access “highly liquid” virtual assets Bitcoin Ethereum crypto
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Julia Leung Fung-yee, the newly appointed CEO of the SFC, indicated that the financial watchdog will issue a consultation paper before the end of Q1 that will outline the products available to retail traders along with licensing requirements for trading platforms. In December, Hong Kong’s Legislative Council amended the region’s Anti-Money Laundering and Counter-Terrorist Financing Act to establish new licensing rules for VASPs beginning in June of this year. Providers will now be required to apply for a license from the SFC to operate within nine months of the law taking effect.
Up to this point, only professional investors have been allowed to access virtual assets in Hong Kong markets. The inclusion of retail traders is intended to help expand the number of crypto holders in Hong Kong and help advance its goal of becoming a global crypto hub.
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