The Securities and Futures Commission (SFC) of Hong Kong is reviewing regulations on virtual currency trading, including whether individuals can invest in exchange-traded funds or ETFs.
According to a report According to a report from the South China Morning Post on November 3, 2018 regulations restrict cryptocurrency transactions through funds or trading platforms to professional investors who invest at least HK$8 million.
The Deputy Chief Executive of the Securities Regulatory Commission, Leung Fengyi, said that a reassessment will be conducted to “see if it is still suitable for use and whether it needs to be modified.” Fung-yee said at the 2021 Hong Kong Fintech Week conference, “Virtual assets are moving towards traditional finance “, so the law needs to be re-examined.
“more, [and] Different types of virtual asset investment products can be used, and traditional overseas exchanges now provide cryptocurrency ETFs. “
Encrypted ETFs are not suitable for Hong Kong investors, although these financial instruments can be purchased from other countries/regions.inside AmericaAt least 12 applications for these funds have been submitted to the US Securities and Exchange Commission by companies hoping to provide speculators with opportunities to get involved in cryptocurrencies. Companies wishing to provide such investments have submitted several enquiries to Hong Kong regulators.
Since the China Securities Regulatory Commission enacted these regulations three years ago, digital assets have become popular, with Bitcoin (BTC) rising six times this week to $62,238.The rally is by Big investors and funds pour into cryptocurrency It is believed that they will be used for payment soon, and retail investors have joined the party for quick profits.
The SFC is cooperating with the de facto central bank Hong Kong Monetary AuthorityOr HKMA, prepare a unified circular after the assessment. Feng Yi stated that the China Securities Regulatory Commission and the Monetary Authority will apply the principle of “same business, same risk, and same rules” to banks, brokers and digital platforms engaged in activities related to digital currency assets.