According to Twitter account @NoodleofBinance, citizens of Hong Kong will be allowed to buy, sell and trade crypto assets starting June 1.
On June 1, 2023, Hong Kong will officially make the buying, selling and trading of crypto for all its citizens fully legal
Expect lots of big money pouring in from the East
Hong Kong to launch stablecoin based on Asian currency too
— Crypto Panda (@NoodleofBinance) February 15, 2023
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
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According to Cryptoslate
