Top Cryptocurrencies Approved in Hong Kong: Which Ones Made the List?

Top Cryptocurrencies Approved in Hong Kong: Which Ones Made the List?

Hong Kong introduces new regulations for crypto trading, allowing retail investors to trade select tokens meeting stringent criteria including listing on at least two major indices, with only ten cryptos, including Bitcoin, Ethereum, and Litecoin, making the cut.

  • Hong Kong introduces new regulations for cryptocurrency trading, and only a select few made the cut.
  • Bitcoin, Ethereum (ETH), and Litecoin are among the approved crypto tokens for trading.
  • The criteria for approval include listing on at least two major indices.

Although while the rest of Asia is cracking down on cryptocurrency, Hong Kong is taking a different stance. After new regulations come into effect, retail investors can now trade select cryptocurrency tokens. 

New regulations by the city’s Securities and Futures Commission (SFC), coming into effect on June 1, 2023, will permit retail investors to trade certain cryptocurrency crypto tokens. Nonetheless, these crypto tokens must meet certain stringent criteria to be eligible for trading. 

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Up to now, only 10 cryptocurrency crypto tokens have made the cut, including Bitcoin, Ethereum (ETH), and plenty of trending altcoins. 

Hong Kong’s Criteria for Cryptocurrency Trading

To be allowed for retail trading, the cryptocurrency crypto tokens have to satisfy the SFC’s stringent regulations. For one, crypto tokens require a minimum of 12 months of regulatory compliance. In that period, there should be no criminal states against the projects responsible for these tokens. 

On the other hand, the crypto tokens have for listing on at least two investible indices from major independent financing corporations. Crypto Tokens that do not meet these requirements won’t be be eligible for trading.

The crypto tokens are: Bitcoin, Ethereum, Litecoin, Polkadot, Bitcoin (BTC) Cash, Solana, Cardano, Avalanche, Polygon, and Chainlink

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These crypto tokens have varying degrees of listing across major indices, including Galaxy, 21 Shares, Bitwise, Nasdaq, and WisdomTree. 

Why Hong Kong Won’t Allow Stablecoins

Interestingly, the SFC as of now has no intends to allow crypto stablecoins, citing the ongoing uncertainty surrounding them. 

This new move marks a whole lot of development in Hong Kong’s digital currency approach. With this selective approach, Hong Kong hopes to strengthen its position the worldwide cryptocurrency market while maintaining strict regulatory standards.

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The other side

  • The stringent criteria for crypto token selection mean that a number of cryptocurrencies won’t be be accessible to retail investors in Hong Kong.
  • The exclusion of crypto stablecoins from the approved list can potentially be seen as a missed opportunity, given their growing popularity.

Why This Matters

For retail investors in Hong Kong, this development offers a chance to jump into cryptocurrency. The increased adoption will likewise positively affect the cryptocurrency markets as a whole. 

Read more about Hong Kong’s new  cryptocurrency regulations:

Cryptocurrency Investors Can Trade Under New Hong Kong Regulations from June 1st 

Read more about the latest developments in the BlockFi saga: 

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