Hong Kong updates policies on cryptocurrency

lupafilotaxia (75)in Project HOPE • 9 months ago

The last 24 hours have meant a whole environment of expectations about the likely resumption of the bullish race within the cryptocurrency market, this if we consider that in the case of Bitcoin, the main cryptocurrency by market capitalization, rose to the area of 30,000 dollars with an estimated percentage increase of more than 3.5%.

Now beyond the increase of more than 3.5% that BTC experienced in the last 24 hours, I want to share with you a piece of news that I found extremely interesting and it is regarding the true fact of how the Hong Kong Securities Regulator updates policies on cryptocurrencies.

It is worth noting that according to Turner Wright, "Hong Kong's Securities and Futures Commission (SFC) announced that it will update its policies on virtual currency sales and requirements "in light of recent market developments and industry consultations"

According to Wriht, "the SFC noted that under the updated guidelines, certain virtual currency products will only be available to professional investors. In addition, intermediaries in the crypto space 'must assess whether clients have knowledge of investing in virtual assets' before handling any transactions."

On the other hand, it has also been stated that "The updated requirements consider virtual assets "complex products" under the SFC and subject to the same guidelines as similar financial products. The commission specifically mentions crypto exchange-traded funds and products issued outside Hong Kong as examples of complex products."

However and in closing "It is unclear whether the SFC's updated policies are a direct result of the developments around JPEX, but the regulator said in September that it would increase its efforts to keep crypto-investors informed of the risks"