Crypto News: The Securities and Futures Commission (SFC) of Hong Kong on Tuesday concluded consultations around proposed rules for crypto assets. This major development comes as global crypto-linked businesses and investors seek clear regulation. However, experts suggest that the Hong Kong SFC update could cause several top digital assets to boom.
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Cryptocurrencies That Can Gather On Hong Kong’s SFC Update?
According to one report, the general framework is similar in many respects to the previous one. The Hong Kong government mentions that the cryptocurrencies bought by retail investors should be included in the two main indices. This is set as the minimum requirement.
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Polkadot (DOT), and Solana (SOL) are included in at least 3 major indexes. Other coins only added to the list are Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), and Chainlink (LINK). It is expected that these coins may be included in the first batch of Hong Kong complied exchanges.
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Source: Colin Wu
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According to the Hong Kong SFC, a non-security token should not have a bad background for 12 months. Meanwhile, stablecoins are currently out of the question. The authority has not allowed stablecoins to be bought by private investors.
The authority added that the EARN and lending services are not supported. Although advertising activities associated with some of the digital assets will not be part of it. However, proprietary trading is prohibited and platforms are not allowed to hold crypto assets.
Hong Kong all set to accept Crypto Exchange applications from June 1
According to the Hong Kong SFC report, crypto platforms can apply for exchange licenses from June 1. As part of the established guidelines, crypto assets such as airdrops are not allowed. Also, unregulated stablecoins are not allowed for crypto asset trading. The report also shares rules around listing tokens on exchanges, including but not limited to independent smart contract audits and regulatory compliance.
Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he’s not writing, he’s playing video games, watching a thriller, or exercising outside. Reach me at ashish@coingape.com
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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