Narrative Watch: Hong Kong Nudges Towards Legalizing Crypto Trading for Retail

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 22 February 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Hong Kong's securities regulator published proposed rules on Monday for virtual asset trading platforms, fueling the narrative that the next bull market will start in Asia. NLW explores whether the moves are connected to broader changes in the Chinese economy. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Serjio74/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8. Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is produced and distributed by CoinDes.
0:20.4	What's going on, guys?
0:21.6	It is Tuesday, February 21st, and today we are talking about the changing landscape for
0:27.5	crypto in Hong Kong.
0:29.9	Before we get into that, however, if you are enjoying the breakdown, please go subscribe
0:32.7	to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:36.8	come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:42.6	All right, friends, happy Tuesday. I hope if you are in the U.S., you had a good three-day weekend.
0:47.8	Today, we are looking at some of the changing global alignment around crypto jurisdictions,
0:52.2	and this connects to our show last week on what was
0:55.9	happening behind the Bitcoin and Crypto Price Rally. One of the narratives that was emerging at
1:00.3	that time and that I covered on that show was this sort of new optimism around Hong Kong
1:05.1	opening to crypto trading. So today we're going to pick up on that story as we've gotten more
1:09.4	details and a ton more discussion about it. On Monday, the Hong Kong Securities and Futures Commission, or
1:16.0	SFC, published its proposed rules for virtual asset trading platforms. The proposal would
1:21.1	establish a licensing regime, but there are still lots of undecided questions, including
1:26.3	whether licensed platforms should be allowed to serve
1:28.2	retail investors and exactly which investor protection measures should be in place. All existing
1:33.5	platforms would be required to register, with the regulator saying that they, quote,
1:37.2	should begin to review and revise their systems and controls to prepare for the new regime.
	...

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