HONG KONG: Retail investors in Hong Kong may soon be able to buy popular cryptocurrencies like bitcoin at government-licensed exchanges, thanks to new rules meant to bolster the city's standing as a digital asset hub. Global crypto markets have yet to recover from a string of high-profile failures in recen
But the so-called"crypto winter" has not deterred Hong Kong authorities from embracing the sector, a pivot that began last October and culminated with new laws for crypto exchanges starting Jun 1.
"There is an explicit acknowledgement that these products are becoming more and more part of our economy," Giuliano Castellano, a law professor at the University of Hong Kong, told AFP. "The genie's out of the bottle," said Kristi Swartz, a fintech lawyer at DLA Piper, referring to retail crypto trading.CHINA'S PETRI DISH
In both traditional finance and crypto, it is common for mainland Chinese investors to be recognised as Hong Kong clients if they have a bank account and address in the city. "You can see that China says, 'Look, if it happens in Hong Kong, population circa seven, eight million, that's fine. We can use it as our petri dish,'" Swartz told AFP.Unlike the outgoing system, the retail-friendly rules taking effect in June will be mandatory, meaning all exchanges doing business in Hong Kong will eventually need to get licensed.
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