Hong Kong’s Securities and Futures Commission (SFC) announced that it would accept applications from exchanges to offer crypto trading to retail investors from June 1, adding that approved tokens need a 12-month track record and substantial market capitalization.<\/p>\n\n\n\n
The SFC said registered exchanges would be barred from providing stablecoin and interest-bearing instruments. The announcement is consistent with long-held expectations that developments in Asia will catalyze the next crypto bull run and contrasts the lack of regularity in the West, particularly in the U.S.<\/p>\n\n\n\n
Bitcoin picked up a bid during the Asian hours and rose more than 2% to $27,500, probing the former support-turned-resistance of the horizontal trendline connecting the first and second trough of the head-and-shoulders (H&S) pattern. <\/p>\n\n\n\n
The cryptocurrency fell below the trendline early this month, confirming the H&S breakdown and opening doors for a deeper slide toward $25,000. Hong Kong’s decision to green light crypto trading for retail investors does not mean there will be a flood of demand for cryptocurrencies, as local traders are probably already accessing the market through offshore venues. Nevertheless, the announcement is a a welcome reminder that the crypto adoption pool is likely to grow considerably over the next year and beyond.<\/p>\n","protected":false},"excerpt":{"rendered":"
Hong Kong’s Securities and Futures Commission (SFC) announced that it would accept applications from exchanges to offer crypto trading to retail investors from June 1, adding that approved tokens need a 12-month track record and substantial market capitalization. The SFC said registered exchanges would be barred from providing stablecoin and interest-bearing instruments. The announcement is …<\/p>\n","protected":false},"author":13,"featured_media":68662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6904,6954],"class_list":["post-84391","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin","tag-hong-kong"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=84391"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84391\/revisions"}],"predecessor-version":[{"id":84394,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84391\/revisions\/84394"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/68662"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=84391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=84391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=84391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}