HongKong to implement crypto regulation that will let retail investors trade Bitcoin and Ethereum. crypto $BTC cryptoexchanges
will allow crypto exchanges to start work with retail customers. The licensing regime for them will begin on June 1. However, the rules for crypto companies' work in the city will not be without obstacles.“Our regulation will be tight,” Hong Kong Monetary Authority Chief Executive Eddie Yue said in an interview at the Bloomberg Wealth Asia Summit on Tuesday. “We will let them create the ecosystem here and that actually brings a lot of excitement.
Currently, there is guidance for banks on working with customers of crypto exchanges being developed. The local SEC will announce the new rules to allow individuals to invest in digital currencies too, according to Yue. Currently, regulatory bodies around the world are striving to find better ways to regulate the crypto space after major exchange FTX suddenly collapsed in early November last year, with its founder Sam Bankman-Fried going to prison and the exchange owing billions of USD to investors.Crypto exchanges forced to leave U.S.
Recently, the actions of the U.S. SEC have made several exchanges either completely leave the U.S. or open subsidiaries outside of it.in the country, and the team is now focused on helping Bittrex Global to succeed. The Bittrex team commented on that, stating that U.S.-based operations are being wound down due to the regulatory uncertainty in the country and the lack of interest of the U.S. government in fintech advances.in the Bermuda Islands.
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