Hong Kong Will Allow Crypto Exchanges to Serve Local Investors

Reading Time: < 1 minute

Starting June 1st, Hong Kong will begin to operate a mechanism for licensing cryptocurrency exchanges, allowing investors to buy and sell virtual currencies.

This move is part of the metropolis’ ambitious program to stimulate innovative development and the arrival of investors and blockchain startups.

Eddie Yue, head of the Hong Kong Monetary Authority, has expressed the intention of the authorities to expedite the launch of the licensing procedure.

Each crypto company will need to comply with the financial legislation of the city in order to legally operate on the market.

Yue also highlighted the importance of ensuring the safety of investors and the transparency of transactions with digital currencies, in order for Hong Kong to successfully compete with other large business centers that provide favorable conditions for businesses in the blockchain sector.