What Happened on May. 23rd | Which tokens permitted for trading under HK new crypto regulation?
Firstly, regulatory requirements emphasise that tradable tokens are only non-securities tokens with a minimum 12 month track record and that the token is already included in two cryptocurrency indices. According to market analysis, BTC, ETH, LTC, BCH, DOT, SOL, ADA, AVAX, MATIC, LINK is the most likely token to be included for retail trading.
Secondly, the regulation prohibits exchanges from offering Earn products, lending and saving services. These types of services are very common in top exchanges.
In addition, exchanges are prohibited from offering derivatives trading, such as perpetual contracts. However, the regulation acknowledges the importance of derivatives trading in the crypto market and says it will be further studied and considered.
Biggest Gainers & Losers
HK SEC: Implementation of the Virtual Assets Regulation From 1 June: Hong Kong's Securities and Futures Commission (SFC) concludes consultation on virtual asset trading platform regulation. A majority of respondents agreed to the proposal allowing licensed trading platform operators to serve retail investors.
Decentralized Exchange WOO X Shares Live Balance Sheet in Response to Insolvency Claim: Investigation journalist Chris Brunet released a report on Substack, claiming that decentralized exchange WOO X is seriously insolvent, advising users to withdraw funds from the platform.
FTX CEO Working on 2.0 Reboot Plans, His Billing Shows: According to a billing report disclosed by FTX 2.0 Coalition, John Ray III, CEO of FTX, spent 6.7 hours working on the FTX 2.0 reboot plans in April, including reviewing term sheet for plan restructuring exchange, reviewing and commenting on 2.0 bidder list, and more.
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Ton Launches $25M Accelerator Program to Invest in Ecosystem Project
Other news in case you missed it:
Tether ($USDT) to be Integrated onto Bitcoin Payment app Strike
Daily Exchange Volume Reached the Lowest Level of the Year, With Only $10.42 Billion on May 21st
Policy and Regulation