Market Analysis Report (21 Feb 2023)

Hong Kong has outlined a plan to let retail investors trade digital assets like Bitcoin (BTC) and Ether (ETH), in a major step towards its goal of becoming a cryptocurrency hub. The move is part of a policy shift that contrasts with the ongoing crackdown in the US.

The plan would see individual investors be able to trade large-cap digital assets on exchanges licensed by the Securities and Futures Commission, providing safeguards such as knowledge tests, risk profiles, and reasonable exposure limits.

The regulator didn’t detail which large digital assets retail investors will be allowed to trade, but instead said the assets should be included in at least two investible indexes launched by independent providers.

A consultation period on the move will end on March 31, with the goal of allowing retail trading in a new licensing regime for cryptocurrency exchanges that’s due on June 1.

Hong Kong pivoted to a pro-cryptocurrency stance at the end of October, as part of its efforts to restore the city’s stance as a financial center.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/feb/21/