Hong Kong regulators seek to expand access to cryptos to all investors
Hong Kong regulators seem committed to regular and allow more investors in the country to have access to cryptocurrencies.
Since the bankruptcy of several high -level financial companies in the cryptocurrency market last year, including Terra, Celsius, Three Arrows Capital and the Giant FTX, the regulation of this market has become a major concern for regulators worldwide.
Earlier this week, Hong Kong's Securities and Future Commission published a consultation document proposing "to allow all types of investors, including retail investors."
The proposal recommends that some conditions be met before retail investors can negotiate cryptocurrencies - including knowledge and risk assessments and potential limits to the amount of exposure investors can obtain. The Commission also recommends that only "virtual assets of great capitalization" are eligible for regulated trade.
Hong Kong's Finance Secretary Paul Chan said on Wednesday that Web3 is a "golden opportunity" for the region and promised to "establish and lead a task force on the development of virtual assets with departments members Relevant policies, financial regulators and other market participants, in order to provide recommendations on sustainable and responsible development. ”