Cryptocurrency

United

JPEX

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In the realm of content creation, three vital factors come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity is the gauge of textual intricacy. Burstiness examines the diversity in sentence structures. Lastly, predictability measures the likelihood of predicting the subsequent sentence. Human-authored content tends to exhibit greater burstiness, featuring a mix of longer, complex sentences interspersed with shorter ones. In contrast, AI-generated sentences often display uniformity. Therefore, for the content you’re about to create, it’s imperative to infuse it with a healthy dose of perplexity and burstiness while minimizing predictability. Additionally, the content must be articulated in English only. Now, let’s reimagine the following text:
Hong Kong has placed a temporary embargo on retail investors engaging in stablecoin trading until comprehensive regulatory measures are put in place, a development anticipated to materialize by the conclusion of 2024.
As Hong Kong forges ahead with the integration of cryptocurrency trading for individual investors, a local official has emphatically underscored that retail trading of stablecoins is presently off-limits.
<a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a> has yet to establish a regulatory framework for <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s like Tether or USD Coin, effectively barring <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> investors from participating in transactions involving these assets. Christian Hui, the Secretary for Financial Services and the Treasury in <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a>, elucidated this stance during an online investment committee meeting held on October 6, as reported by the local news agency Ming Pao.
Cryptocurrency service providers have prominently leveraged stablecoins such as USDT as a primary trading instrument, given their intrinsic stability pegged to the United States dollar or other valuable assets like gold, as explained by Hui. Nevertheless, Hui cautioned that certain stablecoins have previously grappled with severe volatility or even collapsed altogether. He emphasized that the prudent management of reserves for stablecoins significantly influences the stability of their value and the ability of investors to redeem fiat currencies.
In light of these associated risks, the retail trading of stablecoins will remain prohibited until Hong Kong establishes official regulatory parameters for these digital assets, as affirmed by Hui.
Hui further alluded to the case of the shuttered local cryptocurrency exchange JPEX, which allegedly promoted its services within the region without the requisite licensing and became embroiled in a significant fraud scandal. This incident underscores the pressing need for enhanced oversight within the cryptocurrency market.
Cointelegraph has initiated contact with Hong Kong’s Securities and Futures Commission to solicit insights into the regulatory framework governing stablecoin trading within the nation. This article will be updated as additional information becomes available from the regulator.
JPEX suspended specific services on its platform in mid-September 2023, citing a liquidity crisis triggered by alleged “unfair treatment” from certain institutions operating in <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a>. JPEX rapidly became the focal point of a major industry scandal, prompting <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a> authorities to launch an investigation after receiving over 2,000 complaints from JPEX users reporting losses totaling nearly $180 million.
The JPEX incident unfolded a few weeks following the <a rel="noopener noreferrer nofollow" title="official" href="https://thebittimes.com/tag/official.html">official</a> authorization of <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> investors to engage in cryptocurrency <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a>, including Bitcoin, in early August 2023. The <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a> Monetary Authority is expected to introduce regulatory guidelines for the <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> market by the close of 2024.
The post An official states that retail stablecoin trading is not yet permitted in Hong Kong. appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/an-official-states-that-retail-stablecoin-trading-is-not-yet-permitted-in-hong-kong-tbt65562.html">https://thebittimes.com/an-official-states-that-retail-stablecoin-trading-is-not-yet-permitted-in-hong-kong-tbt65562.html</a>

An official states that retail stablecoin trading is not yet permitted in Hong Kong.

TheBitTimes

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