THELOGICALINDIAN - Financial regulators in Hong Kong will acquaint bright cut rules to administer the operations of cryptocurrency exchanges Meanwhile letters appearance that armamentarium managers abide to attempt with the acrimonious requirements for crypto advance in Hong Kong
SFC To Regularize Hong Kong Cryptocurrency Exchange Scene
According to Reuters, Hong Kong’s Securities and Futures Commission (SFC) is accessible to acquaint a regulatory framework for cryptocurrency exchanges in the city. Speaking at a fintech appointment on Wednesday (November 6, 2019) in Hong Kong, Ashley Alder, arch of the SFC remarked:
Back in 2018, Bitcoinist appear that cryptocurrency exchanges in Hong Kong were advancing beneath added authoritative scrutiny. At the time, the SFC appear that it was developing a new access to administering the activities of bounded crypto barter platforms.
New Rules Will Cover KYC and Custody
According to Alder, the new authoritative framework will focus on apperceive your chump (KYC) and aegis requirements for cryptocurrency exchanges. Such a move could pave the way for the actualization of formally legalized cryptocurrency barter listings in the city.
Tweeting on Wednesday, Primitive Ventures co-founder and Chinese crypto insider, Dovey Wan remarked that the admission regulations could see the brand of Huobi acceptable the aboriginal “legalized Chinese cryptocurrency exchange.”
The actualization of connected cryptocurrency barter laws will additionally coalesce Hong Kong’s attitude on acclimation rather than banning crypto trading. As ahead reported by Bitcoinist, the above arch of the SFC Carlson Tong Ka-shing already declared that a ban on crypto trading would not work.
Like ICOs, crypto trading is still banned in acreage China, with abounding platforms affected to move alfresco of the country. Regulated crypto trading in Hong Kong will present addition abandonment from the behavior operating in acreage China.
Fund Managers Struggle with Licensing Issues
While the burghal appears to be affective advanced with crypto barter laws, addition basic currency-related adjustment isn’t yet accepting its adapted effect. In 2024, the SFC alien a licensing arrangement for crypto armamentarium managers.
However, reports advance that one year on, armamentarium managers are still disturbing to amuse the authoritative requirements for them to advance in cryptocurrencies. Some commentators say admitting the antecedent action brought on by the SFC’s move, there hasn’t been abundant in the way of advance for armamentarium managers to access the all-important clearance.
Do you accede with the HMRC’s position that cryptocurrencies like bitcoin do not aggregate money or currency? Let us apperceive in the comments below.
Images via Shutterstock, Twitter: @DoveyWan
