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Easy Money In Hk: Forex And Cryptocurrency Strategies – Hong Kong will allow retail investors to trade crypto under a new regulatory regime, with authorities accepting applications for crypto exchange licenses from June 1. after initial skepticism because virtual assets are “here to stay”. Hong Kong is set to become a major hub for digital assets, with authorities strengthening risk assessments for traders and requiring crypto exchanges to assess consumer crypto-currency knowledge and tolerance can happen.
HONG KONG, 30, 2023 – Hong Kong has decided to allow retail investors to trade cryptocurrencies under a new regulatory framework because “the real assets are here to stay,” its financial services watchdog said. in the city.
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Cryptocurrencies have been banned in China since 2021, but the former British colony, which has its own financial system and regulator, has announced plans to become a major hub for digital assets.
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Starting June 1, authorities will begin accepting applications for cryptocurrency exchange licenses that allow private traders to sell tokens that include bitcoin and ether.
“Despite the risks, (real assets) also bring fundamental value,” Christopher Hui, Hong Kong’s finance secretary, told AFP in an interview.
“Therefore, in order to benefit from these benefits, these activities must be allowed in a controlled manner.
Regulators around the world are investigating virtual currencies with renewed urgency after the collapse of the FTX trading platform last year and the failure of other platforms.
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Hong Kong was initially hesitant to allow crypto exchanges to accept retail customers, but Hui admitted there are “huge benefits” to the business.
Asked whether Beijing supported Hong Kong’s plans to open up the crypto industry, Hui said the financial center paved the way after international agreements.
“Different jurisdictions will take approaches tailored to their markets, and Hong Kong is no exception,” he said.
“We’re an open market…so even though different states have different laws and requirements, I think we have to do what we can.”
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The governor’s criticism of crypto and fintech comes after Hong Kong recently reopened after three years of Covid-19 policies that isolated it from the rest of the world and separated talent.
Hong Kong’s international business reputation has also suffered as Beijing curbed political freedoms in 2019 following bitter pro-democracy protests.
The finance chief told AFP that more than 80 questions have been made to the city’s investment protection agency about the idea of new regulations on crypto exchanges.
“One thing that is very clear is that Hong Kong is recovering,” he said. “We’re back in business.”
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‘Proper security’ – During a public consultation that ended far away, hundreds of crypto FIRs presented tough proposals that could be expensive to follow.
One of the concessions made by the regulator is to reduce the insurance requirement for 50 percent of the assets of clients in “cold storage” – a safe way to store crypto online.
“For technical reasons, it is clear that cold storage poses a lower risk of hacking,” Hui said, adding that the change was intended to reflect the risk.
According to the new rules, crypto exchanges assess the potential tolerance of customers and knowledge of cryptocurrencies and the level of risk.
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“Investors need to know what they’re getting into,” Hui said, adding that education is a priority.
But authorities have yet to define a specific threshold for crypto knowledge that retail investors need to trade – one of many details left up in the air.
Crypto-related fraud is a growing problem in Hong Kong, with the city reporting more than 2,300 such cases last year resulting in losses of HK$1.7 billion ($217 million).
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Top Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price Hong Kong tops the list as the world’s most ready country to adopt cryptocurrencies ‘, despite recent changes. and limitations. .
Hong Kong is the most crypto-ready country in the world, according to a report on Forex recommendations. The only Asia-Pacific country included in the top 10 crypto-ready countries, Hong Kong scored 8.6 out of 10, while rival US came in second with 7.7.
The law being drafted to regulate the crypto space in Hong Kong aims to implement a licensing system for crypto service providers.
Already well-known as a financial center, the island nation has moved up the cryptocurrency charts thanks to innovation in the crypto startup scene and the fact that crypto does not pay income tax, making it attractive to investors. .
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The city-state is in the top three of the three categories analyzed – including the number of blockchain startups per 100,000 people and the number of public crypto ATMs.
Due to its small land area, Hong Kong has the fewest locations per crypto ATM with two crypto ATMs per 100,000 people, or a total of 149, meaning residents are no more than 7km from an ATM.
This makes Hong Kong the Asian capital of crypto ATMs, although its position was recently threatened as the Hong Kong Monetary Authority (HKMA) restricted access to digital investments for users professional currency only.
However, despite recent changes in the Hong Kong sector, HKMA CEO Eddie Yew recently told the G20 financial executive summit that cryptocurrencies and DeFi will continue to play an important role “due to technology and potential business innovation.” behind this development. Risks to the financial system in the future.
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Hong Kong is one of seven countries, including Switzerland, Panama, Portugal, Germany, Malaysia and Turkey. The distribution on top of the lowest crypto tax, which means that all profits from cryptocurrency trading are free of individual capital gains tax.
Hong Kong treats cryptocurrency as virtual goods, not money, so capital gains do not apply. A similar position has been taken by Switzerland, which sees crypto as private property which means it is not subject to income tax. Malaysia does not consider crypto as a legal tender or capital asset, allowing it to be free for private investors, although as a regular source of income, it is subject to tax on of income.
Indonesia ranks second in the world with the lowest crypto tax, with private investors paying only 0.1% of their crypto profits. The country recently introduced this new tax (May 2022) in order to compare the tax it collects on stocks because they are both considered commodities.
While Switzerland takes first place as the country with the most blockchain startups (12.9 per 100,000 people or 1,128 in total) due to the active approach of the Swiss financial authorities, Hong Kong is in second place.
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The island nation has long been Asia’s financial center and has contributed to the development of widespread blockchain technology such as the stablecoin Tether. The city-state has 3 blockchain startups per 100,000 people.
In terms of cryptocurrency profits, three countries in the APAC region make up the top 10, with Australia at the top and Hong Kong and Malaysia in eighth and ninth.
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The School of Business and Management at the Hong Kong University of Science and Technology released the results of a survey conducted on October 17. The survey shed light on the changing attitudes of Hong Kong residents towards crypto assets.
From September to October, 41% of respondents said they would rather not own crypto assets. This is a 12% increase compared to the beginning of this year (April-May).
After the JPEX crypto scandal, only 20% of respondents surveyed this month expressed a desire to hold crypto in the future. This is a 5% decrease compared to the beginning of this year.
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The second investigation began on September 28 and will end on October 20. A total of 2,200 people responded on October 5.
During the first four-week survey, conducted between April 24 and May 23, a total of 5,700 people aged 18 and over participated.
The JPEX scandal broke in mid-September when the country’s financial regulator, the Securities and Futures Commission (SFC), issued a warning about unauthorized activity on the exchange.
First, JPEX questions the management’s commitment to Hong’s environment.
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