Hong Kong to legalize cryptocurrencies from June 1, 2023

According to Twitter account @NoodleofBinance, citizens of Hong Kong will be allowed to buy, sell and trade crypto assets starting June 1.

Current rules limit cryptocurrency trading to professional investors — individuals with portfolios of at least HK$8 million ($1.02 million).

Calling this a bullish event, @NoodleofBinance said: “Waiting for massive inflows from the East”. He also said that the launch of a stablecoin based on the Hong Kong dollar “is definitely going to happen.”

In recent months, there has been a growing perception that China is warming up to cryptocurrencies and has sought to implement pro-crypto-currency regulation in Hong Kong as a sort of sandbox review.

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U.S. ‘Lagging Behind’ on Crypto Regulations

Coinbase CEO Brian Armstrong linked to the tweet, urging U.S. regulators to stop hesitating in implementing a unified framework.

“In the long run, without clear regulation of cryptocurrencies and a hostile environment for regulators, the U.S. could lose its status as a financial center.”

Congress needs to act quickly on cryptocurrency regulation, or it will lose out to Britain, Europe and now Hong Kong, he said.

  • Hong Kong Publishes List of Crypto Assets Approved for Retail Trading
  • Rise of bitcoin scams: Hong Kong police warn of online scams


According to Cryptoslate

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