What? Eh? Say uh? Back On! Hong Kong Bombshell Shock Bitcoin And Crypto U-Turn... Yes!
On Tuesday 23rd May 2023, Hong Kong’s Securities and Futures Commission dropped a bombshell announcement - they will allow retail trading of cryptocurrencies as early as this year. That's right people, you read it here first - the future is now!
The Commission has confirmed that it will start accepting applications from exchanges to offer such services from June 1 2023. This means that investors will soon have the opportunity to invest in cryptocurrencies in Hong Kong Exchanges again... Woohoo! Excitement is brimming again and it's going to be... hmmm... Different.
As we know cryptocurrencies have been around for some time now, but many have shied away in East Asia from investing due to lack of legal accessibility. The idea of retail trading in Hong Kong is a game-changer (all of a sudden), and soon people will be able to invest in cryptocurrencies with a few clicks of a button all once again... it's like returning to 1985 all over again! Well it's a better year than 1984 apparently... which is a book where the idea for the original crypto ban rule idea came from.
While cryptocurrencies have been a basis for hot topics in conversations for quite some time now, not everyone has been in favour of them... Pensioners, Technically Mute, and um *cough* China *cough* Yet it seems those that did the ban thing in Hong Kong, figured out it's clear that cryptocurrencies are here to stay, and they could be the future of global economic growth and recovery- So... *cough" China *cough* the 'Authorities' decided maybe it's wise to jump on the bandwagon, and Hong Kong's announcement pledges the perfect opportunity to do just that... Don't shake your head in disbelief at me... I didn't do the banning did I?
The fascists have been out in force already... We can already hear the usual Authoritarian voices of the IMF naysayers-telling Hong Kong why it's a bad idea to jump in. Yet it's essential to note that there is an enormous opportunity when investing in cryptocurrencies... *cough* China and Russia *cough* ... and why a few countries have woken up recently due to the globally unstable economy - the weak and almost, if not already, dead U.S. Dollar... Crypto and Bitcoin are now seen as an advantage, where it was not before... let's say a large proxy war in Europe kind of changes sh1t!
In recent years cryptocurrencies have caught the attention of many institutions and governments, some hate, some do not - and now it seems like some of the extra's in this movie are finally ready to recognise and mould into it. That means that investing in cryptocurrencies will undoubtedly become much more mainstream in the very near future in East Asia... A huge sigh of relief for many Investors.
Without mentioning Chyna... Hong Kong's move makes them the latest country to embrace cryptocurrencies - in this case I have to say "wait and see". Over the years, several countries have tried to adopt cryptocurrencies, but Hong Kong's announcement could be a game-changer for global trading... but these are words if that other rather big country and its financial people. I am still sceptical.
Hong Kong using cryptocurrencies will absolutely increase competition within the market, and will almost certainly become a key Crypto Hub - This will force traditional financial services and Regulators in the West *cough* U.K./U.S.A. *cough* to rethink their policies, reducing costs, and possibly simplifying the use of their Regulatory bodies and Busybody Services. Of course this will take some time to come into effect; we can expect a potential significant impact on the world of finance in the short run as we will see possible 'corrections' along the way...
The advantage of retail trading in Hong Kong is that it provides opportunities for small investors to participate in the industry traditionally used institutional investors globally... something that was outlawed for unknown reasons as a fact... Investors with limited capital will now benefit from the trading of cryptocurrencies from the comfort of their homes without sneaking around... something we Westerners often do not consider... I feel great for Hong Kong!
For now investors should be excited about this announcement from Hong Kong's Securities and Futures Commission. It's a significant development and has come at a great time when investors are looking for new opportunities to invest in a growing market in Asia and around the world.
The future of Cryptocurrency in Hong Kong, in truth, still remains open-ended after this announcement, and there is no way of knowing what the future holds. What's clear is that we are heading into an exciting yet daunting chapter in the world of finance leading up to 2024, and anything can happen from here on...
It's now up to Hong Kong and global exchange operators and investors to set the stage for how this new industry develops... how they will behave... and how governments react.
Investing in cryptocurrencies is for sure not a one-size-fits-all approach, and investors should always evaluate their strategies while keeping in mind their requirements and limits. As the saying goes, there's no better time than now to start... True... So time to buckle up... Roll... And let's see how the future of cryptocurrencies in Hong Kong pan out... Good luck!
P.S. Mining is another story... developing... *wink*
