Hong Kong To Explore Legalization of Retail Crypto Trades in Reversal of Previous Proposal (techcrunch.com) 9
Hong Kong has proposed allowing retail investors to trade in cryptocurrencies and crypto exchange-traded funds and plans to conduct pilots in NFT issuance and CBDC as it looks to regain its status as a global financial hub. From a report: The city had last year proposed limiting crypto trade to professional investors, a move that saw many crypto entrepreneurs shift base to friendlier jurisdictions such as Dubai and Singapore. Hong Kong will review property rights for tokenized assets and explore legalizing smart contracts "to provide a solid legal foundation for their development," it said. It is also planning to put in place "appropriate regulations" on aspects such as "governance, stabilization and redemption mechanism" of stablecoin. The proposal comes at a time when China has ramped up its efforts to crackdown on crypto transactions and Singapore is exploring a series of stringent guidelines surrounding virtual digital assets.
older than their plan announced on the 28th? (Score:2)
Hong Kong Plans To Legalize Retail Crypto Trading To Become Hub [slashdot.org]
Who will be left holding the bag? (Score:1)
At this point in the game, whoever has the loosest cryptocurrency restrictions is who will be left holding the bag in the next and hopefully final stage of crypto winter. El Salvador is the leading candidate, might as well leave them to it...
Re: (Score:2)
So did you get out before "crypto winter" or did you roll snake eyes and not learn your lesson?
They should legalize stock-as-nfts (Score:2)
The current trading system for equities is fundamentally broken and based on a lot of "trust me, bro" between institutions. If you read deep into meme stonks and why they're able to be naked shorted so much, you figure out quickly how broken the current system is in terms of tracking and regulating.
With stock-as-nft you can create an open, transparent trading system that runs 24/7. No short selling, no options except via smart contracts which will enforce covering all calls, etc.
If Hong Kong really takes an
Re: (Score:2)
If Hong Kong really takes an enlightened regulatory approach they can become a superpower in the financial world as their market will be by its very nature the best regulated and most transparent.
I have known and loved the Hong Kong you have in mind, but it no longer exists. The land it occupied is now just another part of urban China.
Would you trust Hong Kong internet? (Score:2)
I would not trust Hong Kong internet to be safe, electronically and physically from intrusion.
Or is it just an excuse to create a place for the rich Chinese to spend their money.