From June 1, cryptocurrency exchanges will be able to legally serve Hong Kong investors.
The city will begin to operate a mechanism for licensing trading platforms, whose users will be able to buy and sell virtual currencies. This step by the Hong Kong authorities will be part of the metropolis’s ambitious program to stimulate innovative development and the arrival of investors and blockchain startups.
Eddie Yue, head of the Hong Kong Monetary Authority, announced the authorities' intention to speed up the launch of the licensing procedure for Bitcoin exchanges.
Each crypto company will be able to legally operate on the market if it complies with the requirements of the city’s financial legislation.
The official also noted that Hong Kong is interested in ensuring the safety of investors and the transparency of transactions with digital currencies.
Thus, the city will be able to successfully compete with other large business centers that create comfortable conditions for businesses representing the blockchain industry.