Hong Kong said no to retail traders on June 1, let’s have a look at what the nation holds for the crypto community in that period.
Leo Weese, co-founder of Bitcoin Association of Hong Kong, said that outside firms will go through strict licensing regimes.
As Hong Kong continues to set up a foundation for crypto development, along with the license regime for Virtual Asset Service Providers (VASP). Citizens of the city were wrong about crypto being “full legal” for everyone.
Hong Kong focuses on crypto regulations
The need for VASP approval for licensing crypto exchanges, allows only professional investors, while excluding retail investors. The Hong Kong authorities too pointed out that major securities institutions, the Securities and Futures Commission (SFC). Also, it is the frontline regulator of listing cases, including approving listing and overseeing listed firms, according to its official website.
According to media reports, the SFC is working to figure out which cryptocur
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