Hong Kong is making progress in allowing individual investors to trade cryptocurrencies, but retail stablecoin trading is not yet allowed. Christian Hui, the Secretary for Financial Services and the Treasury, recently stated that Hong Kong has not adopted regulations for stablecoins like Tether USDT and USD Coin USDC, meaning retail investors are not allowed to trade those assets. Hui noted that some stablecoins have faced serious volatility issues or even collapsed in the past, and that reserve management of stablecoins highly affects the price stability of investors’ rights to redeem fiat currencies.Hui also mentioned that the shuttered local crypto exchange JPEX was involved in a serious fraud case, reflecting the need for higher supervision of the cryptocurrency market. JPEX halted certain services on its platform as of mid-September 2023, citing a liquidity crisis triggered by “unfair treatment” from certain institutions in Hong Kong. Hong Kong authorities launched an investigation after receiving more than 2,000 complaints from JPEX users reporting nearly $180 million in losses.Hong Kong regulators officially allowed retail investors to trade cryptocurrencies like Bitcoin in early August 2023. The Hong Kong Monetary Authority is expected to introduce regulatory guidelines for the stablecoin market by the end of 2024.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries	🇭🇰 🇺🇸
Sentiment	neutral
Relevance Score	8
People	JPEX, Christian Hui, Hong Kong Monetary Authority
Companies	Securities and Futures Commission, JPEX, Chainalysis, Ming Pao, Hong Kong Monetary Authority
Currencies	US Dollar, Bitcoin, Ethereum, Tether
Securities	None