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Hong Kong to Legalize Cryptocurrency Trading for Citizens

  • In Hong Kong, IBKR started working with OSL Digital Securities.
  • DBS Bank to apply for a permit in Hong Kong to sell digital assets.

According to reports, on June 1st, 2023, Hong Kong will officially make cryptocurrency purchasing, selling, and trading entirely legal for all of its residents. In Hong Kong, Interactive Brokers (IBKR) has started working with cryptocurrency exchange OSL Digital Securities. This is to provide cryptocurrency trading to professional investors. 

The objective of Interactive Brokers and OSL is to give clients the option to invest in bitcoin (BTC). And ether (ETH) on a single platform together with stock, options, futures, bonds. And also other financial instruments. The largest bank in Singapore, DBS, revealed last week that it intended to apply for a permit in Hong Kong. It is for sell digital assets to Hong Kong residents.

DBS Bank introduced its institutional cryptocurrency exchange in Singapore in late 2020 after making a major investment in the space a few years earlier. Along with using decentralized finance technology to joint initiatives with Singapore’s central bank, the company has been aiming to make its cryptocurrency platform more accessible to individual investors. 

Hong Kong To Become Crypto Hub

Paul Chan, the financial secretary for Hong Kong believes that in 2023, local regulators and the government are willing to work with fintech. And also cryptocurrency startups. Chan declared that Hong Kong has developed into a foundation connecting top virtual asset enterprises while speaking at a gathering organized by the government-run incubator Cyberport. 

Singapore has chosen a more strict approach towards the crypto industry in the wake of significant industry failures in 2022. But Hong Kong authorities have lately begun to open up to cryptocurrency. Hong Kong has been discussing crypto regulation strategies seriously over the past few months. Several cryptocurrency service companies are attempting to establish a presence in Hong Kong.



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