Hong Kong is moving forward with its highly anticipated licensing regime as it looks to become a crypto hub in Asia. The regime, which was proposed in February 2023, is expected to launch next month.
With increased regulatory activities around the world, the project HedgeUp (HDUP) has quickly gone on to become a top crypto token ahead of rivals RenQ (RENQ) and Shiba Inu (Shiba Inu). It is preparing to launch in compliance with whatever regulation will be prevailing at the time.
Hong Kong’s licensing regime is around the corner
This month, Hong Kong is set to release the final guidelines for crypto exchanges looking to launch there. The new rules will bring a lot of changes to the crypto scene in Hong Kong. The most notable of these is allowing retail investors to trade major cryptocurrencies, like Ethereum (ETH) and Bitcoin (BTC).
This is crucial because while crypto exchanges are permitted to operate in the region, existing regulation places certain restrictions on investors with portfolios under HK$8 million (approximately a million dollars).
The rules also put it upon licensed operators to perform due diligence on crypto tokens and monitor them. Under the proposed measures, operators are only allowed to offer tokens that satisfy the Securities and Futures Commission (SFC) criteria. There are also proposed regular checks on the operator’s liquidity.
The licensing regime was first proposed in the middle of February this year. The SFC published the proposed rules on February 20 and invited public comments all the way through the end of March.
Speaking at a Bloomberg event on Thursday last week, the CEO of the SFC, Julia Leung, said the proposed regulatory framework for crypto exchanges received lots of responses during its public consultation process. The new framework is part of Hong Kong’s efforts to adopt a more friendly approach to cryptocurrencies.
HedgeUp (HDUP) prepares ahead of rivals RenQ (RENQ) and Shiba Inu (SHIB)
As regulation efforts ramp up around the world, HedgeUp (HDUP) is gearing up to launch in a regulated environment. The Web3 project has been building a platform for users to invest in alternative asset classes like precious metals, valuable jewellery, rare artwork, and more using NFTs.
HedgeUp (HDUP) is also running a presale as a way of raising funding to build this platform. The presale, which is in stage 3, has been a success so far. It has sold 110 million tokens while raising more than $1.4 million.
Being a new project, HedgeUp (HDUP) is better placed to comply with regulatory frameworks than its rivals RenQ (RENQ) and Shiba Inu (SHIB) which have been around for longer.
RenQ (RENQ) was launched last year. It is currently in the final stage of the presale. Shiba Inu (SHIB), on the other hand, was launched in 2020. Unlike RENQ and HDUP, it is a meme coin with no real utility. It’s currently trading at $0.000008645.
For more information about HedgeUp (HDUP) presale use the links down below:
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