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Hong Kong to Allow Individual Investors to Buy and Sell Cryptocurrencies, Warns Against Unlicensed Exchanges

Hong Kong will allow individual investors to trade cryptocurrencies with high market caps, such as Bitcoin and Ether, through a new licensing system starting on June 1. The Hong Kong Securities and Futures Commission has warned unlicensed exchanges not to market to Hong Kong investors. Only two exchanges have been licensed so far, but others, including Huobi and OKX, plan to apply. This shift in Hong Kong's stance on digital currencies follows similar moves by governments in Dubai and Singapore and could have a significant impact, particularly as China may embrace crypto as the US becomes more hostile towards the sector. Coinbase, the largest US-based exchange, is suing the SEC after receiving a Wells Notice, and Hashnote is considering relocating its headquarters outside the US.

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