Hong Kong announces legalization of retail cryptocurrency transactions

Hong Kong authorities is preparing to cancel the current rule, which allows trading in digital currencies only to persons with a wealth of at least $1 million. Crypto-Upvotes Expert Review

Hong Kong authorities intend to legalize retail operations with cryptocurrencies. As well as with other digital assets and exchange investment funds working with cryptocurrency. The government is preparing to cancel the current rule. Which allows trading in digital currencies only to persons with a wealth of at least $1 million.

At the same time, the Securities and Futures Commission (SFC) of Hong Kong for the first time presented the criteria for obtaining a license for exchange-traded investment funds. Which work with ETFs on cryptocurrencies. At the first stage, they will be able to invest in Bitcoin and ETH futures. And in future the list of available instruments will be expanded.

Last fall, authorities announced its own digital currency (CBDC). Work on the CBDC project began in June 2021 as part of the “Fintech 2025” strategy. Which aims to modernize Hong Kong’s existing economic system.