The SAR first opened retail trading for crypto exchanges in August.
) are approved by the SFC for retail trading, with the remaining altcoins subject to professional investor restriction.
The SFC has placed significant restrictions on exchanges since regulated retail crypto trading began in Hong Kong in August. Unlike its global counterpart, Hashkey Hong Kong users to deposit the equivalent of $1,500 into their exchange accounts as part of the Know Your Customer verification process.to establish the proper infrastructure needed for a Hong Kong Virtual Asset Provider license. Meanwhile, Hashkey Hong Kong has an estimated 24-hour trading volume of just $5.3 million across three cryptos, a fraction of its global peers.
Ironically, the introduction of a regulated crypto regime did not appear to halt the activities of bad actors. During the Token2049 conference in September, the biggest financial fraud in Hong Kong's history unraveled with the collapse of the JPEX crypto exchange. Police have accused JPEX of embezzling more than
, with the exchange being unregistered with the SFC at the time of the incident. Since the fallout, the SFC has begun publishing a warning list of crypto exchanges deemed non-compliant in the SAR.
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