Bloomberg reports that Hong Kong will publish new regulations for the digital asset sector that will allow retail investors to trade cryptocurrencies, accelerating efforts to create a new crypto hub.
Hong Kong Announces Retail Investors Can Now Trade Cryptocurrency
At a briefing today, the city’s Securities and Futures Commission went into depth about the results of a consultation on retail involvement. The organization is anticipated to adhere to its goal to start allowing individual investors to exchange more substantial tokens like Bitcoin and Ether with the necessary precautions commencing next month.
New Regulatory Regime
The city adopted a welcome set of regulations for crypto-related operations in February. The 2018 framework, which limited trading to recognized investors exclusively, has been replaced by a regulatory framework that allows individual investors to trade specific digital assets on authorized exchanges.
Stablecoins Will Now Be Available!
Stablecoin legalization is also being facilitated by the city. The first cryptocurrency of its kind in Mainland China, the offshore yuan-pegged stablecoin (CNH), was recently introduced by a firm funded by the well-known exchange KuCoin and issuer USDC Circle.