On June 1st, 2023, Hong Kong will officially make cryptocurrеncy trading completely legal for all of its citizens.
Hong Kong Legalizes Cryptocurrency Trading
On June 1st, 2023, Hong Kong will officially make cryptocurrеncy trading completely legal for all of its citizens. In Hong Кong, Interactive Brokers (IBKR) has started partnership with popular cryptocurrеncy exchange OSL Digital Securities. This collaboration was set in order to provide cryptocurrеncy trading to professional investors.
The Goal
The main goal of Interactive Brokers and OSL is to give clients the option to invest in Bitcoin (BTC) and Ether (ETH) on a single platform with stock, options, and other other financial instruments. Last week the largest bank in Singapore, DBS, appointed that it tried to apply for a permission in Hong Кong. It was aiming to sell digital assets to Hong Кong residents. Earlier in 2020 DBS Bank introduced its institutional cryptocurrеny exchange in Singapore after making a major investment in the space a few years earlier. Using decentralized finance technology to joint initiatives with Singapore’s central bank, the firm will make its cryptocurrеncy platform more accessible to individual investors.
Hong Kong is Becoming Crypto Hub
The financial secretary for Нong Kong Paul Chan believes that in 2023, local regulators and the government are willing to work with fintech and cryptocurrеncy startups. Chan informed that Hong Kong has developed into a foundation connecting top virtual asset companies while speaking at a gathering organized by the government-run incubator Cyberport.
In the wake of significant industry failures, Singapore has decided to be more strict with its approach to the cryptocurrencies back in 2022.
However, Нong Kong authorities lately became more open-minded to cryptocurrency. Over the last few months, Нong Kong has been seriously discussing crypto regulation strategies. After Нong Kong’s announcement about legalization of crypto trading, many cryptocurrеncy companies are willing to establish a presence in Hong Kong.
Source
www.thenewscrypto.com
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