Proposal of Hong Kong to make approval for group of crypto tokens for retails trading

Hong Kong's Securities and Futures Commission (SFC) will give permission to retail trading in a chosen bunch of cryptocurrencies as it try to initiate regularity clarity to crypto, Reuters reported on Wednesday.

The watchdog scheme to introduce a subset of tokens that will be accepted, the CEO of SFC, Julia Leung, mentioned at a groupt discussion at the Asian Financial Forum in Hong Kong.

Leung said only "highly liquid" assets will be on the list, in accordance to a report by the South China Morning Post.

Hong Kong's virtual asset service provider regime will be focal point on protecting the investor, the signifance of which was critized home by the fall down of FTX in November, according to Leung. The fall down crypto exchange was once headquartered in Hong Kong.


Virtual assets have in the past year gone from peak to low price thresholds. The nice thing is that when the froth is taken out from the system as platforms and some tokens collapsed, it focuses investors and sellers' thinkings on investor protection," Leung mentioned.

Signals out of Hong Kong on the territory's desires for its crypto regime have been mixed in recent months.
Hong Kong was exhibits signals of relaxing complicated regulations to evolve into a more crypto-friendly environment at times last year. The Financial Services and Treasury Bureau mentioned in October that it was given access to let retail customers to trade cryptocurrency or approving a crypto exchange-traded fund (ETF).

Nevertheless, in November, Leung - then the deputy CEO of the SFC - entitled for hard regulation to be practised on crypto organization, mentioning the way FTX's turn down had signify the volatility of digital assets and the risks endured by its connections with old school financial services.

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