Hong Kong to limit crypto exchanges to investors who have portfolios upwards of $1 million

Hong Kong to limit crypto exchanges to investors who have portfolios upwards of $1 million

The Hong Kong government has that cryptocurrency exchanges can only provide services to professional investors or individuals with investment portfolios of at least roughly $1 million, , a decision finalized after . Hong Kong's Financial Services and the Treasury Bureau also required cryptocurrency exchanges to be licensed before they can operate. The moves come as governments worldwide determine how best to regulate a nascent and rapidly growing space to protect both professional and retail investors from various risks amid a boom in crypto trading. Cryptocurrency exchanges in Hong Kong run up to the dozens and include some of the world's biggest. Currently, Hong Kong operated under an "opt-in" approach, which makes it optional for exchanges to apply for licenses to operate. Regulators and governments in Asia have had different rulings when it comes to cryptocurrency exchanges. For instance, Singapore requires cryptocurrency exchanges to but allows retail investors to trade. China, meanwhile, has altogether from the cryptocurrency business on Tuesday. Still, the local crypto industry in Hong Kong has voiced its concerns, warning this could drive exchanges out of Hong Kong, Reuters reported. Furthermore, this could even push some investors more into the unregulated areas, "There are only a few rulings