As the pressure from regulatory authorities on cryptocurrencies continues, the Hong Kong Securities and Futures Commission (SFC) released a general framework for assets to be included in individual transactions on Tuesday! Experts point to the rise for AVAX and these 8 coins with this new regulation! Here are the details…
AVAX on individual crypto transactions from Hong Kong and confirmation for these 8 coins!
While sanctions and pressures continue to come from many countries against the cryptocurrency industry, Hong Kong is on its way to becoming a safe haven for investors by acting in the opposite direction of other countries. In statements made on Tuesday, May 23, the Hong Kong Securities and Futures Commission (SFC) has published a general framework for assets to be included in individual transactions. Hong Kong will allow retail investors to invest in crypto assets such as Bitcoin (BTC) and Ethereum (ETH) under the new rulebook. In addition to Bitcoin and Ethereum, several Ethereum alternatives such as Cardano, Solana, Avalanche, Polygon and Chainlink were also on the list. However, according to experts, the release of these coins to retail investors in Hong Kong could intensify the competition among Ethereum alternatives.
The Hong Kong SFC published new reports earlier today recommending regulatory requirements for exchanges and crypto assets. According to the transmitted data, non-security coins with a 12-month bad track record in Hong Kong are open to individual trading. But still stablecoins are not allowed. However, analysts evaluating the report published by the Hong Kong SFC explained that the overall framework is not much different from the previous one and requires the asset to be included in at least two cryptocurrencies for retail transactions. According to the criteria, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Polkadot (DOT), Solana (SOL), Cardano (ADA), Avalanche (AVAX), Polygon (MATIC) and Chainlink (LINK) appears to be highly likely to be directly involved in individual transactions.
On May 25, the SFC will issue guidelines for exchanges and organizations applying for related licenses. According to the data, the regulatory agency will accept applications for exchanges from June 1, 2023.
Experts explained: “The competition among Ethereum alternatives will intensify!”
As you know, major countries such as China and the United States are working hard on new regulations for cryptocurrencies. However, although the pressure on cryptocurrencies frightens investors, Hong Kong, with its new decision, acts against other countries and supports cryptocurrencies. However, with the latest announcement, various alternatives such as ADA, SOL, AVAX, DOT, MATIC and LINK, as well as Bitcoin and Ethereum, which have a large market value, were also entitled to be open for individual transactions in Hong Kong.
According to experts, this can be equated to blockchain networks as capital, new investors and flow of activity on the chain. Ethereum alternatives are likely to compete to offer opportunities with a higher market share, user acquisition and lower transaction costs to investors.
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