Hong Kong to Change Crypto Regulation by July
Main page News, China, Crypto Market, Regulations

The Hong Kong Monetary Authority (HKMA) will change the current regulatory framework for cryptocurrencies by July this year as the city tries to compete with Singapore to become a cryptocurrency hub.

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According to Bloomberg, the financial watchdog is planning to change rules for three areas of the space: stablecoins, investor protection and how institutional investors can deal with cryptocurrencies. The HKMA head, Eddie Yue, says that the regulator wants to adopt a so-called "same risk, same regulation" approach to the cryptocurrency market.

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In May 2021, the Hong Kong government moved toward banning cryptocurrency exchanges to non-professional investors. According to an announcement, the government obliged all local cryptocurrency exchanges to receive a license from the Securities and Futures Commission.

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