- Hong Kong plans to difficulty licensing tips for digital asset exchanges in Could.
- Later, buyers can commerce in recognized tokens comparable to Bitcoin and Ethereum.
- Beforehand, the Hong Kong authorities allotted 50 million USD to speed up Web3 growth
At an occasion on Thursday, Julia Leung, director-general of the Hong Kong Securities and Futures Fee (SFC), mentioned the regulator intends to difficulty tips on the licensing regime for digital asset exchanges subsequent month.
The replace was captured in a Bloomberg report, the place Leung mentioned the transfer got here after the SFC’s session course of, which obtained greater than 150 responses from the general public on the regulatory framework that can apply to cryptocurrency exchanges.
The brand new licensing regime for cryptocurrency platforms, which is anticipated to be applied by June 1, will enable retail buyers to commerce in well-known tokens comparable to Bitcoin (BTC) and Ethereum (ETH). In accordance with the director normal of the SFC, the regulator goals to create a good and environment friendly regulatory framework to guard buyers and promote the event of the cryptocurrency trade in Hong Kong.
As well as, the rules are anticipated to deliver extra readability to Hong Kong’s cryptocurrency trade and pave the best way for extra firms to enter the market, whereas guaranteeing that digital asset managers are correctly regulated.
In February’s price range report, the Hong Kong authorities expressed robust curiosity in Web3, the third-generation Web trade, to grab the chance to steer innovation and growth. Subsequently, the federal government allotted 50 million USD to speed up the expansion of the Web3 ecosystem within the 2023/2024 monetary 12 months by organizing main worldwide workshops.
Earlier this month, Binance CEO Changpeng Zhao mentioned that Hong Kong banks have began to indicate assist for cryptocurrencies. He said that their assist will direct extra funds to the cryptocurrency market, particularly in favor of stablecoins.
