New Hong Kong Resolution on Cryptocurrency Exchange

The Hong Kong Chinese Securities and Futures Regulatory Authority (SFC) has decided to allow digital currencies to be traded in retailers later this year as part of the city’s growing efforts to become a hub for the digital currency market.

In this context, Keith Choi, interim head of brokers at the Hong Kong watchdog, said that the Authority had revealed that there would be platforms available to trade Hong Kong’s retail cryptocurrencies in the second half of 2023.

According to a report by Nikkei, Hong Kong’s non-licensed stock exchanges will be banned from selling digital currencies due to new anti-money laundering legislation, starting next month.

The volume of losses from frauds associated with the cryptocurrency market increased to $217 million in 2022 compared to 2021.

These losses reached $1.7 billion, an increase of 106% compared to 2021, with the digital currency market bearing losses of about $216.6 million in 2022, according to official data from Hong Kong Police’s website.