The special administrative region of Hong Kong is slowly growing increasingly friendly to crypto startups with an impending proposal to permit retail investor trading through a handful of tokens.
“Virtual assets have in the past year gone from peak to low(-price) levels,” said Julia Leung, the CEO of the Securities and Futures Commission at the Asian Financial Forum in Hong Kong. “The good thing is that when the froth is taken out from the system as platforms and some tokens collapsed, it focuses investors and sellers’ minds on investor protection.”
Investor protection is paramount for Hong Kong authorities, who have been on a path to safeguard retail traders from the perils of crypto scams and NFT fraud.
Last year, the Hong Kong’s Securities and Futures Commission (SFC) announced that NFTs or non-fungible tokens exposed investors to “heightened risks.”
“Investors should be mindful of these risks, and if they cannot fully understand them and bear the potential losses, they should not invest in NFTs,” the SFC said.
Over the past few months, Hong Kong gave the impression…
