Hong Kong may soon bring its regulatory policies against the “China crypto ban law”.
Hong Kong is officially the Hong Kong Special Administrative Region of the People’s Republic of China, so basically it is a city and special administrative region of China on the eastern Pearl River Delta in South China.
As we know, in mid of 2021, the Chinese government imposed a ban on cryptocurrencies and also kicked out all the crypto-related companies from mainland of China forever. And also the government openly announced that any person who will found in crypto-related activities then that person will face jail punishment.
On 17 October, South China Morning Post reported that the Securities and Futures Commission (SFC) is planning to bring new policies to the crypto sector, to allow retail investors to go with crypto investment.
Elizabeth Wong, the head of the fintech unit at the SFC, said that One of the SFC’s initiatives is allowing retail investors to “directly invest into virtual assets,”
To this date, for the last four years, only professional crypto investors are only allowed to trade crypto assets, while retail investors are strictly prohibited. Right now, only those people who have portfolios of more than $1 million are allowed to invest in cryptocurrencies.
Wong said that this innovative sector has been changed into something different level and here we have to change our stance & decisions accordingly.
“We think that this may be a good time to think carefully about whether we will continue with this professional investor-only requirement,” Wong said.
Besides these initiatives, the authorities of Hong Kong are also planning to bring crypto & blockchain-inclined projects like NFTs & Metaverse, to make Hong Kong an “international virtual assets center.”