Social icon element need JNews Essential plugin to be activated.
Newsletter
No Result
View All Result
No Result
View All Result
No Result
View All Result

Less than 50% of Hong Kong retail crypto investors aware of relevant regulations: Survey

CryptofreePress Staff by CryptofreePress Staff
October 11, 2023
in Blockchain
0
Less than 50% of Hong Kong retail crypto investors aware of relevant regulations: Survey

[ad_1]

Simply 47% of retail crypto traders in Hong Kong are conscious of the Digital Asset Buying and selling Platform Regulatory Regime, a laws which went into impact this June to guard the curiosity of retail traders in digital property within the area.

That is in response to an October 11 report by the The Investor and Monetary Training Council (IFEC) of Hong Kong. In its survey, the IFEC famous that just about 25% of Hong Kong adults ages 18 to 29 have invested in crypto throughout the previous yr, 3 times the demographic common and a major enhance over 2019, the place simply 3% of respondents within the mentioned demographic reported investing in crypto. 

Regardless of the advance in adoption, most Hong Kong-ers mentioned that their prime funding preferences had been shares (96%), mutual funds and trusts (24%), adopted by bonds (18%). Round three-quarters of total respondents mentioned the first purpose of investing in crypto was for “short-term income,” alongside “concern of lacking out.” The survey featured 1,000 respondents between the ages of 18 and 69.

“Buyers ought to perceive the product traits and associated dangers earlier than investing, with a view to align their decisions with their monetary targets and danger tolerance degree,” mentioned IFEC common supervisor Dora Li in response to the outcomes. In the meantime, Eric Chui, head of the Division of Utilized Social Sciences at PolyU, commented: “Digital asset traders ought to assume extra intentionally and rationally. They need to additionally construct up their monetary literacy and accumulate high-quality market info to keep away from the irrational funding behaviour and biases.”

Starting in June, Hong Kong legalized retail crypto buying and selling for licensed exchanges, to blended outcomes. Throughout this time, the most important Ponzi scheme in Hong Kong historical past, the $166 million JPEX crypto change scandal, unraveled within the Particular Administrative Area of China. 

Journal: 3AC fugitives in disarray as OPNX faces new peril