To promote the use of cryptocurrency in the country, the Hong Kong securities regulators will soon finalize the crypto tokens for retail trading. According to the report, the move has been taken as a part of a new crypto regulatory regime.
However, this is not the first time a country has accepted cryptocurrency as payment. Even before this, businesses in important countries like Israel, the United States, and Canada have accepted cryptocurrency as payment. El Salvador has also accepted cryptocurrency as legal tender.
Who will benefit the most from this new Crypto regulatory regime?
Cryptocurrency entrepreneurs will benefit the most from this new crypto regulatory regime. With this new regime, the use of Cryptocurrency increases in the country, which ultimately helps local and international entrepreneurs to expand. Last year was proved unlucky for crypto entrepreneurs as the industry faced massive losses in the year due to cyber attacks, the decline in the value of Bitcoin, and FTX collapse; amidst all these unprecedented events, this opportunity will surely prove to be a ray of hope for the investors and entrepreneurs.
However, To leverage this new crypto regime, crypto entrepreneurs need to hold a license which may be a challenging and long process. According to the CEO of the commission Julia, public opinion will also be considered under this new regime. The exact implementation date has not yet been revealed; however, the discussion over the matter will be started within the first quarter.