By launching its first set of rules for buying and selling virtual assets, Hong Kong may have opened the door for more lightly regulated Singapore to take a bigger share of the cryptocurrency market.
But in the long run it could be better for Hong Kong, especially if it is able to nurture dependable new exchanges for trading the asset class, say specialist legal and investor sources.
The Hong Kong Securities and Futures Commission's SFC cryptocurrency regulations came into force on November 1. As a result, firms that manage portfolios invested in virtual assets now have to be licensed. What's more, with...
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