HomeBitcoinThese Cryptocurrencies May Pump Over Hong Kong SFC New Update

These Cryptocurrencies May Pump Over Hong Kong SFC New Update

Crypto News: Hong Kong’s Securities and Futures Commission (SFC) on Tuesday concluded consultation around suggested rules for Crypto assets. This major development comes when globally crypto linked firms and investors are seeking clear regulations. However, experts suggest that Hong Kong SFC update might lead several top digital assets to surge ahead.

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Cryptocurrencies That May Rally Over Hong Kong SFC Update?

According to a report, the general framework is similar to the prior one in many aspects. The Hong Kong government mentions that the cryptocurrencies purchased by retail investors should be included in the two major indexes. This is set to be the minimum requirement.

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Polkadot (DOT), and Solana (SOL) are included in at least 3 major indexes. However, other coins added on just indexes made to the list will be Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), and Chainlink (LINK). It is expected that these coins might be listed in the first batch of Hong Kong complied exchanges.

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Source: Colin Wu

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As per the Hong Kong SFC, Non security token would need to have a 12-month no bad background. Meanwhile, stablecoins are not currently the party of it. The authority hasn’t allowed stablecoins to be purchased by retail investors.

The authority added that the EARN and lending services will not be supported. While advertising activities linked to some of the digital assets will not be part of it. However, proprietary trading is outlawed and platforms are not allowed to hold any crypto assets.

Hong Kong All Set To Accept Crypto Exchange Applications From June 1st

As per the report released by Hong K0ng SFC, crypto platforms can apply for exchange licenses from June 1st. As part of the concluded guidelines crypto gifts such as airdrops will be not be permitted. Also, unregulated stablecoins will not be allowed for trading crypto assets. The report also shares through rules around listing of tokens on exchanges including but not limited to independent smart contract audits and regulatory compliance.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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