🎉 Gate xStocks Trading is Now Live! Spot, Futures, and Alpha Zone – All Open!
📝 Share your trading experience or screenshots on Gate Square to unlock $1,000 rewards!
🎁 5 top Square creators * $100 Futures Voucher
🎉 Share your post on X – Top 10 posts by views * extra $50
How to Participate:
1️⃣ Follow Gate_Square
2️⃣ Make an original post (at least 20 words) with #Gate xStocks Trading Share#
3️⃣ If you share on Twitter, submit post link here: https://www.gate.com/questionnaire/6854
Note: You may submit the form multiple times. More posts, higher chances to win!
📅 July 3, 7:00 – July 9,
A Big Step Towards Becoming a Cryptocurrency Hub: Staking Permission for Exchanges and ETFs! - Coin Bulletin
Hong Kong has taken a step closer to its goal of becoming a cryptocurrency hub by allowing licensed crypto platforms and exchange-traded funds (ETFs) to offer staking services.
The Hong Kong Securities and Futures Commission (SFC) announced on Monday that it has provided regulatory guidance on offering staking services for licensed virtual asset trading platforms (VATP) and crypto ETFs. SFC noted that it has observed an increase in investor demand for staking services and the potential of staking activities to contribute to the security of the blockchain network.
SFC stated that VATPs must obtain written approval from the regulator before providing staking services and that crypto ETFs must also obtain approval before starting staking activities. It was emphasized that crypto companies need to implement security measures to prevent service-related errors, protect customers' staked crypto assets, and clearly disclose the associated risks.
This staking guide was announced as part of the development roadmap of the crypto framework announced by the Hong Kong government in February. The roadmap includes 12 initiatives such as new token listings, leveraged trading, derivatives, staking, borrowing, and lending.
Hong Kong officially launched the crypto licensing regime for "virtual asset trading platforms" in June 2023, opening its doors to the crypto sector. However, the regulator, aiming to become a crypto hub, seeks to accelerate crypto development amid increasing competition following Donald Trump's inauguration in the U.S..
SFC CEO Julia Leung stated that regulations are critical for the sustainable development of a healthy crypto ecosystem.