Hong Kong’s New Cryptocurrency Funds Still Struggle to Clear Licensing Process

At a time when the popularity of cryptocurrencies is rapidly increasing, it is facing a major roadblock when it comes to the mainstream. It has been a year since Hong Kong took a systematic approach to invest in cryptocurrency assets. A policy framework was launched for trading in crypto, but only a few fund managers have been approved until now. It sums up the difficulties cryptos face while aiming to be an alternative currency.

In 2018, Hong Kong’s Securities and Futures Commission (SFC) introduced a license for fund managers for digital assets to sell to customers. However, only a hand full of investors has been approved in a year. Debates have been going on for quite some time among financial regulatory bodies regarding a global policy for regulating cryptos and how to safeguard investors from digital scams. Nonetheless, the turnout of the initiative taken by the Hong Kong government is disappointing in that sense.

As per reports, Diginex, a Hong Kong-based cryptocurrency…