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📅 July 3, 7:00 – July 9,
Hong Kong virtual asset regulation
Key Points:* Tianfeng International gains SFC approval for virtual asset trading services.
This approval allows Tianfeng International to expand its virtual asset portfolio offering, particularly for Bitcoin (BTC) and Ethereum (ETH), through a compliant channel that aligns with Hong Kong’s regulatory framework.
Regulatory Milestone: Tianfeng Leads HK Virtual Asset Services
Tianfeng International secures an important regulatory milestone by being granted a license by the Hong Kong SFC, which permits virtual asset trading through comprehensive account arrangements. This step represents an accelerated push into virtual assets, joining peers like Guotai Junan International and Haifu Securities in expanding compliant trade services. The license boosts institutional access to BTC and ETH but excludes high-risk or unapproved tokens.
Market adaptability emerges as a focal point with this license. Licensed brokers must employ stringent Know Your Customer (KYC) measures and are restricted from servicing Mainland China residents. Notably, this move aligns with the SFC’s “same business, same risk, same regulation” philosophy. Commentary from senior Tianfeng leadership remains absent, but the broader Hong Kong market displays enthusiasm for regulated virtual asset services.
Hong Kong’s Blockchain Strategy Bolsters Institutional Crypto Trading
Did you know? Hong Kong’s firm regulatory framework has steadily increased BTC and ETH institutional transactions, reflecting a cautious yet open approach to crypto adoption.
Bitcoin (BTC), valued at approximately $106,907.84, maintains a significant market cap of $2.13 trillion and market dominance of 65%, according to CoinMarketCap. Despite a 0.96% drop over 24 hours, BTC shows a 27.61% rise over 90 days, indicating resilience amidst market volatility. Trading volume hit $43.34 billion, albeit declining by 16.70% in recent days. These figures highlight Bitcoin’s robust presence in the evolving financial landscape.
| | | --- | | DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |