Simply 47% of retail crypto buyers in Hong Kong are conscious of the Digital Asset Buying and selling Platform Regulatory Regime, a bit of laws that went into impact this June to guard the pursuits of retail buyers in digital belongings within the area.
That’s based on an Oct. 11 report by the Investor and Monetary Schooling Council (IFEC) of Hong Kong. In its survey, the IFEC famous that almost 25% of Hong Kong adults ages 18–29 have invested in crypto throughout the previous 12 months, thrice the demographic common and a major improve over 2019, the place simply 3% of respondents within the mentioned demographic reported investing in crypto.
Regardless of the advance in adoption, most Hong Kongers mentioned that their prime funding preferences have been shares (96%), mutual funds and trusts (24%), adopted by bonds (18%). Round three-quarters of total respondents mentioned the first aim of investing in crypto was “short-term income,” alongside “concern of lacking out.” The survey featured 1,000 respondents between the ages of 18 and 69.
“Traders ought to perceive the product traits and associated dangers earlier than investing, in an effort to align their decisions with their monetary targets and danger tolerance stage,” mentioned IFEC normal 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 buyers ought to assume extra intentionally and rationally. They need to additionally construct up their monetary literacy and gather high-quality market data 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 combined 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.
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