These Cryptocurrencies May Pump Over Hong Kong SFC New Update

Ashish Kumar
May 23, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
HK Bitcoin & Ethereum ETF $12M Volume Is Impressive: Bloomberg Analyst

Crypto News: Hong Kong’s Securities and Futures Commission (SFC) on Tuesday concluded consultation around suggested rules for Crypto assets. This major development comes when globally crypto linked firms and investors are seeking clear regulations. However, experts suggest that Hong Kong SFC update might lead several top digital assets to surge ahead.

Also Read: FTX 2.0: CEO’s Legal Billings Hint Reboot Of Fallen Crypto Exchange

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Cryptocurrencies That May Rally Over Hong Kong SFC Update?

According to a report, the general framework is similar to the prior one in many aspects. The Hong Kong government mentions that the cryptocurrencies purchased by retail investors should be included in the two major indexes. This is set to be 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. However, other coins added on just indexes made to the list will be Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), and Chainlink (LINK). It is expected that these coins might be listed in the first batch of Hong Kong complied exchanges.

Read More Crypto News Here…

crypto Hong kong
Source: Colin Wu

Also Read: 24 Rug Pulls In 10 Days, Scam Tokens Ride The Wave Of Meme Coin Mania

As per the Hong Kong SFC, Non security tokens would need to have a 12-month no bad background. Meanwhile, stablecoins are not currently part of it. The authority hasn’t allowed stablecoins to be purchased by retail investors.

The authority added that the EARN and lending services will not be supported. While advertising activities linked to some of the digital assets will not be part of it. However, proprietary trading is outlawed and platforms are not allowed to hold any crypto assets.

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Hong Kong All Set To Accept Crypto Exchange Applications From June 1st

As per the report released by Hong Kong SFC, crypto platforms can apply for exchange licenses from June 1st. As part of the concluded guidelines, crypto gifts such as airdrops will not be permitted. Also, unregulated stablecoins will not be allowed for trading crypto assets. The report also shares rules around the listing of tokens on exchanges including but not limited to independent smart contract audits and regulatory compliance.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.