London Daily

Focus on the big picture.
Friday, Jul 25, 2025

Bitcoin tumbles further as HK to restrict crypto trade

Bitcoin tumbles further as HK to restrict crypto trade

Bitcoin tumbled further yesterday, while Hong Kong said that cryptocurrency exchanges will have to be licensed and will only be allowed to provide services to professional investors.
The world's biggest and best-known cryptocurrency, bitcoin was down 10 percent to US$33,538 at 10pm yesterday, losing US$3,740 from its previous close.

The digital asset is down nearly 48 percent from this year's peak of US$64,895.22 on April 14.

Ether, the coin linked to the ethereum blockchain network, dropped 13 percent to US$1,945.

Meanwhile, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said in a website note yesterday that the government will allow companies incorporated overseas but registered in Hong Kong to apply for a virtual asset services provider license.

The rapid changes in digital assets in recent years are astonishing, with huge fluctuations in prices, a flurry of cryptocurrencies launched in the international market, and digital art creators selling copyright ownership in the form of non-fungible tokens, Hui said.

At the core of policy making is investor interest protection, anti-money laundering and counter-terrorist financing, and at the same time, reserving space and flexibility for the further development of Hong Kong's virtual asset market and financial innovation, Hui said.

At least for the initial stage of the licensing regime, cryptocurrency exchanges should only be allowed to offer services to professional investors, he said.

Under Hong Kong law, an individual must have a portfolio of HK$8 million to count as a professional investor.

The government published on Friday a paper outlining the views received during the consultation on proposals to enhance anti-money laundering and counter-terrorist financing regulation in Hong Kong. A total of 79 submissions were received during the consultation from November 3 last year to January 31 this year.

The government said the respondents generally agreed with the overall direction, principles and the broad framework of the proposals which mainly seek to introduce a licensing regime for virtual asset service providers and a registration regime for precious metal and stone dealers. The government aims to introduce an amendment bill to the Legislative Council in the current legislative session.
Newsletter

Related Articles

0:00
0:00
Close
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
×