Hong Kong to limit Crypto trading operations

The Hong Kong government announced that it is taking measures to aid the restriction of cryptocurrency operations in the country.

The limit placed on cryptocurrency activities in Hong Kong will give room for only licensed regulators, Securities and Futures Commission, to provide professional investors with crypto trading services.

In order to qualify as a professional investor in Hong Kong, such a person must have a portfolio of HK$8 million ($1.03 million).

Hong Kong’s government claim that the sole reason for this restriction on cryptocurrency operations is to foster investors protection and eliminate the chances of money laundering occurring.

Fintech and cryptocurrency associations within the country have opposed the Hong Kong government’s decision, stating that the restriction will cause individual investors to seek out other unregulated avenues to carry out crypto trading.

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Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.