Hongkong reveals crypto rules
Fund managers that invest more than 10% of their portfolio in crypto assets will need to be licensed, the Securities and Futures Commision (SFC) said in a statement Thursday. Trading platform that serve only professional investors can opt to move into a so-called sandbox, where they will be free to experiment subject to anti-money launderung and other rules. The market for virtual assets is still very young and trading may not be transparent and fair. outages are not uncommon as is market manipulation and abuse. and there also outright scandals and frauds. Hongkong has seen a spurt in crypto use in recent years as some of the world's exchanges.
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