THELOGICALINDIAN - Carlson Tong Kashing believes Hong Kong needs a added able-bodied authoritative framework for cryptocurrency trading The soontobe above arch of the Hong Kong Securities and Futures Commission SFC has alleged for greater accent on broker aegis in the airy basic bill trading arena
Speaking to South China Morning Post, Tong declared that it would be abortive to affair a absolute ban on cryptocurrency trading accustomed the all-around attributes of the venture. Commenting on the issue, the approachable SFC administrator said:
Tong’s sentiments are at allowance with the cachet quo in acreage China area the country has adopted to able bottomward massively on cryptocurrency trading forth with ICOs. For Tong, a added nuanced but able-bodied authoritative framework would serve all parties best.
Tong is due to duke over as arch of the SFC to Tim Lui Tim-leung on Friday (October 19, 2018). Earlier in the year, a address by Hong Kong’s Financial Services and Treasury Bureau (FSTB) issued a report that said cryptocurrencies weren’t a applicable advantage for organized crime.
For Tong, an able authoritative ambiance requires an addendum of the SFC’s authorization to awning the arising agenda asset class. According to him, the authoritative watchdog’s ambit abandoned covers securities. This limitation isn’t different to Hong Kong abandoned as added jurisdictions face agnate issues of applying balance law to adviser and ascendancy agenda asset trading.
Despite the SFC’s abstruse limitations, Tong believes it is important that Hong Kong works on a formalized authoritative framework for the cryptocurrency market. Speaking further, Tong noted:
While Tong continues to complete the alarm for added regulations, operators in Hong Kong accept such a move would be benign to the angary of their enterprises provided the laws do not bassinet advance and development.
Angelina Kwan, COO of Bitmex, whose aggregation recently moved into Hong Kong’s best big-ticket appointment building, alleged for the proposed regulations to accumulate clip with the accepted bazaar landscape.
Do you accede with Tong’s comments apropos cryptocurrency regulations in Hong Kong? Let us apperceive your thoughts in the animadversion area below.
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