Crypto:
29881
Bitcoin:
$68.581
% 0.90
BTC Dominance:
%52.7
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Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
Bitcoin:
$ 68.581
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

Hong Kong to Update Cryptocurrency Policy!

Hong Kong Cryptocurrency

Hong Kong financial authorities found many products related to cryptocurrency too complicated for investors and decided to regulate them.


In a joint blog post released on Friday, the Securities and Futures Commission and the Hong Kong Monetary Authority stressed that some risks associated with crypto products that could be difficult to understand for cryptocurrency investors are complex.

The revised guideline draft plans to offer certain cryptocurrencies only to professional investors from now on.

As per these guidelines, for instance, an exchange-traded fund (ETF) overseas, which is not a derivative of a virtual asset (VA), will be classified as a product, commonly suitable only for professional investors.

In addition, authorities emphasized that brokers need to confirm their customers’ understanding of investing in virtual assets or related products before proceeding with any transaction.

Moreover, brokers will not be able to confirm that customers have the financial stability necessary to handle the risks and possible losses associated with the buying and selling of products related to virtual assets.

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Authorities have asserted that specific rules regulate these products, ensuring clearer pricing and reducing susceptibility to market tricks.

As a result, they deem these products safer and more transparent, making them accessible not only to professional investors but to all investors.


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