• Written by: Kieth Rean Garcia
  • Tue, 30 May 2023
  •   Germany

As the Asia Crypto Law is set to take effect from June 1st, 2023, Hong Kong prepares to become a vibrant hub for virtual assets. This article explores the opportunities this regulation presents for key Asian tokens like HIGH, VET, EOS, TRX, ACH, CFX, PHB, and QTUM.

Understanding Asian Crypto Law and Its Impact on Tokens

With the groundbreaking Asia Crypto Law primed to take effect from June 1st, 2023, Hong Kong is prepared to evolve into a dynamic hub for virtual assets. The city’s Securities and Futures Commission (SFC) has revealed its final rules allowing licensed exchanges to present significant cryptocurrencies, including Bitcoin and Ether, to retail investors. This transformative regulation opens up a plethora of opportunities for a variety of Asian tokens, including but not limited to, HIGH, VET, EOS, TRX, ACH, CFX, PHB, and QTUM.

Table of contents

Understanding the New Virtual-Assets Regime

Hong Kong’s fresh regulatory framework is meticulously crafted to balance the city’s aspiration to be a global Web3 hub with the indispensable need for sturdy investor safeguards. This regulatory overhaul includes strict measures against unlicensed cryptocurrency exchanges and dishonest practices. Moreover, the law mandates that licensed virtual-asset platforms fulfill several criteria such as secure asset custody, prevention of conflicts of interest, and stringent cybersecurity standards.

Additionally, these platforms need to set up a “token admission and review committee” in charge of managing the offered cryptocurrency tokens. With these regulatory barriers in place, let’s explore how the aforementioned tokens could thrive in this promising environment.

Beneficiary Analysis of the New Virtual-Assets Regime

HIGH Token

VeChain (VET)

EOS

Tron (TRX)

Alchemy Pay (ACH)

Conflux (CFX)

Red Pulse Phoenix Binance (PHB)

As a market intelligence platform concentrating on China could capitalize on the law’s emphasis on transparency. With its innovative data sharing model, PHB might find itself ideally positioned to prosper.

QTUM

Conclusion

The new virtual-assets regime in Hong Kong brings a surge of optimism for Asian tokens that comply with its fundamental principles of transparency, security, and innovation. High-value tokens like HIGH, VET, EOS, TRX, ACH, CFX, PHB, and QTUM could stand to benefit considerably from this progressive legislation.