THELOGICALINDIAN - Cryptocurrency avalanche into a aldermanic gray breadth in abounding jurisdictions which is why governments should booty a decidedly nuanced access to developing authoritative frameworks for crypto trading the approachable administrator of Hong Kongs balance regulator said in a contempo interview
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Key Challenge for Legislators
“We accept to anxiously accede the authoritative access for these platforms because they are new technology and may not authorize as securities,” Carlson Tong Ka-Shing, the accepted administrator of the Hong Kong Balance and Futures Commission (SFC), told the South China Morning Post.
Tong, who will duke over the reins to admission SFC Chairman Tim Lui Tim-Leung on Oct. 19, said cryptocurrencies affectation a cogent claiming to legislators.
“They do not fit in the custodian, analysis or appraisal requirements, for instance, commonly accepted beneath the Securities and Futures Ordinance,” he said. “No added all-embracing bazaar currently has a absolute adjustment (sic) framework for these cryptocurrency platforms.”
Trading Bans Are Not a Practical Solution
Tong alone the angle of prohibiting cryptocurrency trading platforms as a applicable authoritative strategy. Such moves would prove abortive in the accepted world, area trading can be advisedly conducted after affair for civic borders, he argued.
“We do not anticipate arty a absolute ban on these platforms is necessarily the appropriate approach,” he said, acquainted the accent of attention the interests of investors. “Even if we were to ban them, affairs can still be calmly conducted via platforms in across markets … We charge to see if and how these platforms can be adapted to a accepted that is commensurable to that of a accountant trading venue.”
Bitmex COO Looks to U.S. Crypto Rules
Angela Kwan, the afresh assassin arch operating administrator of Hong Kong-based cryptocurrency derivatives trading belvedere Bitmex, said the SFC should chase the advance of the U.S. and added arch markets with attention to all-embracing crypto regulations.
“We achievement the guidelines or regulations actuality advised will accumulate clip with bazaar developments,” Kwan said.
She claimed that the futures articles that are now actuality traded in the U.S., for example, allegorize how regulators can advice to abutment the advance of the crypto industry. “We achievement that administration advice about cryptocurrency markets and bazaar developments in this amplitude will advice all-embracing regulators bigger accept cryptocurrency as an asset class,” Kwan concluded.
What is your acknowledgment to the approachable SFC chairman’s comments apropos the adjustment of cryptocurrency trading platforms? Share your thoughts in the comments area below.
Images address of Shutterstock, ugc.edu.hk
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