What Happened on June. 1st | Hong Kong New Crypto Regulations come into Effect

TI Research

The license for virtual asset trading platforms in Hong Kong will be open for application starting from June 1st. Existing trading platforms can apply for the license during a one-year transition period. The new regulation allows trading platforms to provide services to retail customers, but there are strict requirements on the types of tokens that can be traded and services that can be offered.

Hong Kong New Crypto Regulations come into effect June 1, Key Points You need to Know: Which products can be traded? Stablecoins are still banned. Can people from other jurisdictions trade through Hong Kong platforms?

According to the new regulatory requirements, many types of products offered by mainstream exchanges, such as Earn, derivatives, and various mid and small-cap tokens, cannot be provided by compliant exchanges in Hong Kong.

At the same time, today is the first day of opening license applications, and no exchange has received formal approval from the Securities and Futures Commission. In terms of banking services, traditional banks have always adopted strict compliance policies towards crypto clients, and they also need time to optimize internal processes to provide services for crypto-related companies. (HKMA Deputy CEO: Banks should Ensure Fair Treatment of Crypto Customers)

The new Hong Kong policy might not have much of an immediate impact on luring new investors and clients to the market. However, it is anticipated that the positive effect on the market would gradually become clear as Hong Kong becomes the sole region in Greater China to permit compliant exchange operations.

Biggest Gainers & Losers

Source:TokenInsight Gainers and losers

Headlines

Hong Kong Trust Company First Digital Launches FDUSD, a USD Stablecoin: First Digital, a Hong Kong-based digital asset custodian and licensed trust company, announced the launch of a new USD stablecoin called First Digital USD (FDUSD)

OKX Introduces BRC-30, to Bring in Staking Mechanism for BRC-20 or Bitcoin: OKX announced the introduction of BRC-30, an extended version of the BRC-20 token standard aiming to introduce a staking mechanism within the Bitcoin network specifically tailored for BRC-20 tokens or Bitcoin.

Hot projects on the market

BNB Chain Upgrades Gas Grant Program to Boost Gas Fee Incentives for dApps

LSD Protocol unshETH Deployer Private Key Compromised, Withdrawal Paused

Multichain Says It Can't Contact CEO, to Suspend Cross-chain Service for Some Chains

Swell Network Launched Voyage Campaign, Offers Future Airdrop Opportunities

Circle to Launch $USDC Natively on Arbitrum on June 8th

Other news in case you missed it:

Gate.io Says Its Withdrawals Are 'Functioning Properly' in Response to Rumors

Chainlink Labs Enters into Partnership with Tencent Cloud

Binance Australia no Longer Supports AUD Deposits and Withdrawals by Bank Transfer

NewHuo Tech Releases Interim Financial Reports, Withdraws License Applications in Singapore and Hong Kong

WeChat Search Now Supports Query of Bitcoin Exchange Rate

Fundraising

Web3 Gaming Company Fusionist Raises $6.6M in Seed Round Co-led by Binance Labs and FunPlus

Stablecoin Protocol Prisma Finance Raises Funds from Curve Founder, OKX Ventures and Others

Policy and Regulation

Exchanges

BNB Chain

TI Research

TokenInsight is a data and research organization for the digital asset market. TI provides comprehensive asset-related data and comprehensive and timely information and research services for digital assets.

delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open