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Hong Kong to implement tight regulations for crypto firms

Hong Kong's Monetary Authority Chief Executive, Eddie Yue, has warned crypto firms that strict regulation will be enforced as part of the city's drive to become a digital asset hub. The regulator has issued guidelines for licensing virtual asset service providers from 1 June and intends to permit retail investors to trade major tokens such as Bitcoin and Ether. This is part of the city's efforts to recover its status as a cutting-edge financial centre after being hit by Covid-related curbs and political unrest. Yue said that further guidance on banks servicing crypto clients is in progress and the Securities and Futures Commission is set to announce its ruling on retail-investor participation. This follows global regulators struggling to determine how to regulate the crypto industry in the aftermath of last year's market crash and the bankruptcy of the FTX exchange.


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