Topic: Hong Kong to Start Allowing Retail Crypto Trading in March Next Year (Read 72 times)

You're thinking of Taiwan, not Hong Kong, HK is a province of China and despite the so-called one country two systems it's still China that dictates everything., the governor is pre-approved by China, the Legislative Council members need also pe-approval before "election" so in all it's just a big farce, they let Hk a bit more freedom so not to spook others but in reality, it's faith is already sealed.

As for the news itself, there is a lot of maybe, sources, it can be possible, while even some in HK are skeptical about this.


Consumers are banned from trading cryptocurrencies currently and only licensed traders with capital over $1 mil are allowed to take part in crypto trading, this doesn't mean they're allowed to operate with real currencies, and I assume that even in best case scenario this will be the same for users even with the new legislation, you're basically going to trade cryptos just how you trade gold, without once touching the real metal.

Let's hope that their rigid stance could change somewhat on the matter of crypto and Bitcoin since history has it that there has been such changes.
 China is one the world's biggest commercial cities and although they are developing their own sovereign digital currency, the next bull run will be tied to when they embrace the crypto market again, and I think Hong Kong's move could become the trigger, hopefully.

China has an economic system called "One country, two systems" which Hongkong falls under a different system than the mainland. This is also what Elon Musk suggested to Taiwan for them to have peace.

This is still good news for crypto traders in the country and even the mainlander will be able to get access to cryptocurrencies. So it wouldn't be surprising as well to see Hongkongers mining BTC?

Honestly the amount of times that China has banned crypto, it’s really hard to follow whether crypto is actually banned or not.

So can someone sum up what happened in the past year with China and Bitcoin regulation. I remember when Bitcoin mining was banned and there was a huge hashrate decrease. But that’s about it.

Heard about them banning Bitcoin but they always change their mind and assumed they already unbanned it.

I guess they're trying to be the same as Singapore but that's not going to happen anymore. Like what everyone is telling, Hongkong is no longer on its own.

If you search for some old news for the past few years, you'll see that its people have been into protests and that's because China wants to intervene whatever it is there.

You've got to be very skeptical about anything coming out of China and Hong Kong has zero independent actions any more. It long ago lost it's standing as a viable financial hub, since it was absorbed by the opaque workings of the communist party it has lost all trust which is an essential part of trading. There is no reliable judiciary in place and it's become a joke where judges are simply directed by the whims of the dictator Xi Jinping. It's just like saying the Paracel islands have decided to allow retail crypto trading next year - that's nice, but nobody who has a decent amount of funds would ever use it. The CCCP might decide to turn around their policy the next day or months later and seize everything.

Is not really that this move will impact on cryptocurrency. Hong Kong is still new in the business of cryptocurrency and they are just opening up or relaxing some rules against crypto so that means they still have a small market to that effect having locked up for a while on crypto. Therefore whatever will have effect in cryptocurrency will be some crypto friendly country with large crypto base to support the legalization of bitcoin.

My question was also whether China will allow it. Maybe it will because it's more related to economics than politics, but perhaps it won't because China is hostile to cryptocurrencies.
Unfortunately, Hong Kong is NOT an independent state. It's a part of China and has been for a while, and its autonomy has been going away more and more over the years as it is supposed to integrate into China more fully. The 50 years since 1997 are not of independence but of gradual integration, at least for China. Not to mention that it doesn't properly function since the 2019-2020 protests and China limiting freedoms that were supposed to still be out there for Hong Kong in accordance with the Joint Declaration.
From Wikipedia,

Good news for the Hong Kong crypto trading enthusiast, firstly I don't know the current state of Hong Kong and China dispute and if it would ever escalate, but seeing Hongkong can plan to drop its restrictions on Crypto-currency trading is magnificent.

Asia has good amount of crypto-currency users either they are trading it, holding it or just have great believe in crypto. So a major update like this can have ripples and effects generally on the global positioning of Crypto-currency. But I have a question, can this move if it happens impact on the price of crypto-currency.

As I understand it, does this apply to free trading on crypto exchanges? That is, this is not about allowing free circulation of cryptocurrency in retail networks as a means of payment?
To be honest, I don’t quite understand why there was a ban on such auctions? In 2021, there seemed to be PLANS to ban crypto-exchanges in Hong Kong... but, as far as I remember, they either remained plans or ended up in a "suspended state"
At the end of 2021, the situation was as follows:
Cryptocurrencies are not recognized in Hong Kong and are regulated more like a virtual commodity. Accordingly, they are not subject to the laws and regulations of the financial controllers of the HKMA or SFC. Large exchange participants must obtain a license to conduct transactions using cryptocurrencies. The Hong Kong government signed the Circular to Money Service Operators and Circular to Licensed Corporations and Associated Entities documents to control the movement of cryptocurrencies.

And about China. I understand China - there is a very totalitarian government, and freedoms are not their forte ... But Hong Kong, at least until 2047, is an independent country that has the right to make decisions independently, including on digital assets and work with them. Because they have an independent financial and fiscal system. So far, China can only observe from the sidelines, but no one can tell what to do!

That's a good news but will China allow this? We all know China is dead against cryptocurrency or anything similar which can provide financial freedom to the people. Hong Kong administration is well linked with Chinese government. So I am just thinking whether the Chinese government will allow such great crypto related initiative in Hong Kong. It should not start another military operation from Chinese government on Hong Kong.

Also OP, when posting such kind of news, please also add the news link of it.

News reference: https://news.bitcoin.com/hong-kong-to-start-allowing-retail-crypto-trading-in-march-next-year-report/

Hong Kong is relaxing its crypto regulation to allow retail investors to trade digital assets directly. A licensing regime for crypto platforms that allows retail crypto trading is reportedly set to be enforced in March next year.

Hong Kong Nears Allowing Retail Crypto Trading
Hong Kong is reportedly relaxing its strict cryptocurrency regulation with a plan to allow retail crypto trading, Bloomberg reported Thursday, citing people familiar with the matter.