Hong Kong official states retail stablecoins trading not yet allowed
Hong Kong official reinforces that retail investors cannot trade stablecoins until they are regulated, likely in 2024. This follows that the virtual asset trading platform JPEX has come under suspicion for its alleged involvement in a conspiracy to commit fraud. Hong Kong’s security concerns Hui Ching-yu, Hong Kong’s Secretary for Financial Services and the Treasury, addressed these concerns during an interview on the Investment Committee program on Oct. 6. In the interview, he goes on to state the seriousness of the fraud case involving JPEX and how this underscores the need for enhanced supervision for virtual asset trading . He also states that service providers have been using stablecoins like USDT on a broad scale. However, some of these stablecoins have experienced volatility issues in the past. You might also like: Hong Kong Stock Exchange launches smart contract-powered settlement platform Because of these reasons, Hui shares, retail trading of s...