According to a report by BitcoinLink, Hong Kong’s Securities and Futures Commission (SFC) will release a list of crypto assets its residents can trade. Julia Leung Fung-yee said in a meeting at Asian Financial Forum that the crypto safelist will contain crypto assets with high liquidity suitable for unprofessional retail traders to invest in. The issuance of the crypto safelist is part of a more extensive plan to regulate cryptocurrencies as part of the State’s economic cycle. SFC will finalize the plan by the end of Q1 2023 and set the terms and conditions for licensing crypto exchanges and assets.
Of course, SFC stated that the organization would consult the public to prepare the plan. The aim of this most recent crypto regulatory policy is to protect investors from scams, Leung said. Based on a CryptoPotato report, people in Hong Kong have lost about $50 million to fake crypto projects as of August 2022. The new policy has illuminated the dim bull market and increased the hopes of an Asian-stimulated bullish trend in the crypto market.
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