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.

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