Topic: ㅤ - page 2. (Read 732 times)
Countries that are banning crypto will support crypto if they know the proper use of crypto Hong Kong is banning the retail business of digital currency because they think their country's central currency is more acceptable. digital currencies is worthy of support everywhere and the government can run as it pleases. In the case of crypto digital currencies is completely different. No one can control crypto and the government does not get any tax subsidy from here the growing demand for crypto will have a positive impact on the whole world.
I hope they don’t make such law where I live because retail traders has been my highest selling point, I make bigger profit when I sell to some small exchange or retailers where I live than when I sell my coins on exchanges. They might be right about the money laundering issue because there are some dumb people that are always trying to ruin every good thing.
Moreover, the government seems to be doing everything possible now to clamp down on crypto, and they are starting with centralized exchanges, that’s how they are gaining control. I have been seeing posts like this recently, everyone complaining.
Moreover, the government seems to be doing everything possible now to clamp down on crypto, and they are starting with centralized exchanges, that’s how they are gaining control. I have been seeing posts like this recently, everyone complaining.
Hopefully not since if major countries will ban crypto from retail or other use then provably the 3rd world or other country will follow so we need to see some more positive news and great adoption so that the government will consider it's usage and see the potential. Since if they are feed up with negatives for sure they will do such actions which we don't like.
For now there are less country doing that but other who ban crypto are slowly opening their doors again so maybe that's temporary ban only but let see.
Well Binance is really dominating the market right now as we speak and they are making tons from it. Any Government from where they set their operation, would want a piece of that chunk they are making .
That's also why Binance is so secretive about where they operate from. CZ says vague things like "we operate from many different countries" and "we have no headquarters" to obscure the fact that they pay no taxes to anyone, and that nobody knows where to find them.
Malta is definitely the new Hong Kong / Japan for anything that is now considered 'illegal' from where you live.
No way. They're a member of the EU. Maybe that was true a few years ago before the AML directives caught up to crypto, and before Malta established their own regulatory regime, but not now.
Africa and the Caribbean are the last sanctuaries for shady crypto exchanges. And now that the US government is going after Bitmex anyway, even that is being thrown into question.
The proposed chinese security law in hong kong has added a new dimension to sino usrelations known as the trump banned immigration digital currency project if it is controlled properly it will not be suspended the demand for bitcoin crypto will increase in the case of transactions.
What the f....
Wouldn't expect this from Hong Kong because usually they are one of the most elite tech places in the world while not having that much influence from China like they used to,
It's the opposite, the influence was negligible twenty years ago now it off the roof.
Few people here may like this opinion - but I believe that this is the right step.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it
So if I show the clerk my id and the id of Franklin Clarence Mars he should accept my wrapper as money? If I pay him in cash do I have to provide KYC? Or if I pay in a foreign country with a foreign debit card?
I'm not a fan of tokens and I know that 99.9% of them are useless garbage but KYC alone means well..shit..when it comes to accepting it.
Malta is definitely the new Hong Kong / Japan for anything that is now considered 'illegal' from where you live.
You know that Binance is not actually based in Malta and they hold no license, OkEx is supposedly based there but that didn't stop Chinese authorities to arrest their owner, and with the new FATF guidelines I doubt many will rush to it. If what you do is considered illegal in your country prepare for the worse, no matter where this is taking place "virtually". Oh, should I also mention Bitmex who were supposed to be in another "safe" heaven?
I actually thought Hong Kong already made licensing a requirement, so this is of some news.
It was more or less in the gray area.
Hong Kong (China)
Some people might disagree with you addressing Hong Kong as China. Personally I dont really care but there is a tendency that some people think that Hong kong is the safe haven of China.
I always thought they'd chase him down everywhere but apparently they just want you to pay tax and not do things to make their regulators' life difficult is all.
Well Binance is really dominating the market right now as we speak and they are making tons from it. Any Government from where they set their operation, would want a piece of that chunk they are making . They are probably paying alot already to set up their operation in those countries but the law that bind all these cryptocurrencies retail / exchanges can be easily altered as The Government wish to milk taxes as much as possible
After all, users can find the best solution outside of Hong Kong.
Malta is definitely the new Hong Kong / Japan for anything that is now considered 'illegal' from where you live.
I hope they don’t make such law where I live because retail traders has been my highest selling point, I make bigger profit when I sell to some small exchange or retailers where I live than when I sell my coins on exchanges. They might be right about the money laundering issue because there are some dumb people that are always trying to ruin every good thing.
Moreover, the government seems to be doing everything possible now to clamp down on crypto, and they are starting with centralized exchanges, that’s how they are gaining control. I have been seeing posts like this recently, everyone complaining.
Moreover, the government seems to be doing everything possible now to clamp down on crypto, and they are starting with centralized exchanges, that’s how they are gaining control. I have been seeing posts like this recently, everyone complaining.
I actually thought Hong Kong already made licensing a requirement, so this is of some news. But ever since Binance moved out of that jurisdiction in 2017 was it to Japan, and then moved later to Malta (2018 maybe?) it's been old news that you just can't run an exchange out of Hong Kong (China) any more, not without making strict concessions to CCP. I always thought they'd chase him down everywhere but apparently they just want you to pay tax and not do things to make their regulators' life difficult is all.
Few people here may like this opinion - but I believe that this is the right step.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it
a) more transparent
b) more reliable
If I know for sure that a particular coin meets the established standards, then I am much more comfortable to use it rather than some dark token that doesn't even have a team on the site.
Again , this is another step towards a long and mutually beneficial coexistence and cooperation between the state and cryptocurrencies.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it
a) more transparent
b) more reliable
If I know for sure that a particular coin meets the established standards, then I am much more comfortable to use it rather than some dark token that doesn't even have a team on the site.
Again , this is another step towards a long and mutually beneficial coexistence and cooperation between the state and cryptocurrencies.
A hong kong digital currency exchange has suspended trading following a security breach in which thieves broke into millions of dollars worth of bitcoin due to which hong kong has banned retail trade of digital currency. The proposed chinese security law in hong kong has added a new dimension to sino usrelations known as the trump banned immigration digital currency project if it is controlled properly it will not be suspended the demand for bitcoin crypto will increase in the case of transactions.
I believe that most exchanges will choose to move out of this region and place their headquarter in places where laws are less strict. The mandate is essential if we want to integrate bitcoin and other cryptos into our daily life. But If it is an austere regulation, it will force people to stay away from these digital assets. IMO, these rules are not likely innovations at all.
Fighting regulation is a losing proposition. Those trying to avoid regulation are on the wrong side, they just haven't realized it yet. Exchanges will go where the customers are, and leaving a jurisdiction doesn't exempt you from operating under the laws of that jurisdiction when you serve those customers. And customers will more and more demand operators to be regulated.
Most of the people there are probably using Cryptocurrencies to avoid taxes. Knowing that they have something against the government there, I remember an article in which they use it for funding rallies and make even more noise to stop the government. They are probably working on now to eradicate those types of sources and regulate everything.
Anybody from Hong Kong that resides there, and how is it going with the crypto life there?
This is one of the primary reasons why government declares a ban for cryptocurrency. People can evade paying taxes because of cryptocurrency since it is not yet regulated and cannot regulate by government. Tax is good in economy because it boost up the development when it comes to construction of building, roads and other infrastructures. It is not good when officials corrupted the taxes of the people. Hong Kong banned cryptocurrency because the government wants to manipulate the people out there. That is why there are many rallies happening in Hong Kong, people tend to resist in their government. Anybody from Hong Kong that resides there, and how is it going with the crypto life there?
I think pretty much every country around the world will introduce these sort of laws eventually - except the the current (and new?) tax havens of course who will offer this sort of shielding as protection for their clients. China in particular does not want any funds outside of the control of the CCP and it was inevitable that they would want to track where money is moving. As Hong Kong has all prior freedoms stripped away, bit by bit, it will eventually just end up as yet another Chinese city - instead of the pioneer booming financial hub it once was.
Hong Kong served as a financial gateway to mainland China at one time before its reunification with China. During this time, mainland China has already grown its own financial centers such as Shanghai and Hong Kong is no longer so important for the Chinese economy. Moreover, the United States, together with the countries that joined it, by imposing its sanctions against Hong Kong, only deepen this process and the speed of the process. Paradoxically, the United States, while verbally protecting democracy in Hong Kong with its sanctions, is acting in the interests of China, reducing the importance of Hong Kong as a financial center, while increasing the role of internal Chinese financial centers. I believe that most exchanges will choose to move out of this region and place their headquarter in places where laws are less strict.
Yeah, I hear the regulatory bodies in Antarctica and on the International Space Station are pretty lax, so perhaps there will come a day where either of those places host the crypto exchanges that don't want to have to bend over and spread 'em for their current government.It wouldn't matter to the US government. They've always maintained the position that if you serve US customers, you're doing business in the US and therefore need to conform to US law. With the case against Bitmex moving forward, they are now taking things a step further, by demanding that exchanges implement mandatory KYC to ensure US customers aren't slipping by through VPN.
Uncle Sam to the rescue!
This news isn't really surprising, and I don't even know how significant it is.
It's not clear. A lot of exchanges operate from Hong Kong but maintain their entity registrations and/or licenses elsewhere. I assume this will push some of them to move their operations offshore.
I think pretty much every country around the world will introduce these sort of laws eventually - except the the current (and new?) tax havens of course who will offer this sort of shielding as protection for their clients. China in particular does not want any funds outside of the control of the CCP and it was inevitable that they would want to track where money is moving. As Hong Kong has all prior freedoms stripped away, bit by bit, it will eventually just end up as yet another Chinese city - instead of the pioneer booming financial hub it once was.
Wouldn't expect this from Hong Kong because usually they are one of the most elite tech places in the world while not having that much influence from China like they used to, they are still basically controlled by CCP and China is in love with crypto with all their digital yuans and many more stuff that they are dealing with.
I am not really sure if China wants to have all the crypto to themselves but while considering Hong Kong had riots against China and lost, China still likes crypto so Hong Kong should too right?
Maybe it is something else and Hong Kong will just readjust to something totally different and have their own trading places where it would be local and that would be much better for them and would ban using other nations places to stop making them profit.
I am not really sure if China wants to have all the crypto to themselves but while considering Hong Kong had riots against China and lost, China still likes crypto so Hong Kong should too right?
Maybe it is something else and Hong Kong will just readjust to something totally different and have their own trading places where it would be local and that would be much better for them and would ban using other nations places to stop making them profit.
Hong Kong decided to fight against unregulated crypto trading by introducing mandatory licensing.
I find it amusing that some articles still treat Hong Kong as an entity that has and can decide something on its own.
I believe that most exchanges will choose to move out of this region and place their headquarter in places where laws are less strict.
Yeah, I hear the regulatory bodies in Antarctica and on the International Space Station are pretty lax, so perhaps there will come a day where either of those places host the crypto exchanges that don't want to have to bend over and spread 'em for their current government.Or, you could move to Malta, but not ask for a license. Binance knows how to do it.
I think this will be the final nail in the coffin for a lot of them, they have to either flee and hope they can keep their business alive somewhere else or simply shut down. No surprise, China is not going to wait a hundred years for the sake of the "one country two systems" promises, they will slowly make sure everything falls piece by piece under their control. I'm sure they look at it as an exercise of imposing new rules in a totally different system with a hostile population, they have some future plans for other regions most likely.
Quote
The operators must make sure there are no retail investors trading on their platforms, which should only be available to professional investors who have over HK$8 million (US$1.03 million) in assets, according to Clara Chiu, director of licensing and head of the fintech unit of the SF
The SFC will also require the operators to ensure customers’ assets are safe, and put in place measures to prevent market manipulation and money-laundering activities, Chiu said at the same event.
...and next time half of those assets must be in the custody of the CCP at all times. The SFC will also require the operators to ensure customers’ assets are safe, and put in place measures to prevent market manipulation and money-laundering activities, Chiu said at the same event.
Oh yeah, all this has centralization and control written three times with 10-foot bloody letters on it.
Well, at some point this shows Hong Kong actions can still be considered as an advantage for it will help bitcoin and other cryptocurrencies away from any felonious act by a culprit and providing license means legalization which gives me an idea of acceptance of cryptocurrencies in Hong Kong market and that is favorable to bitcoin. However, -- on the other hand, if they will continue to ban retail investments then it will only trigger the people to do it secretly or through underground activities which might be caused more serious problems for the Hong Kong government afterward.
this will reduce fraudulent act of people, but it will also affects the current price of bitcoin and other altcoin, but it will not have a huge impact but slightly changes, since the lost number of people uses crypto is in Asia. but since we already know that China has already a plan having their own coin digital yuan, maybe that is one of the reason, but I cannot say that digital yuan will stop other altcoin to be purchased in hk.
Most of the people there are probably using Cryptocurrencies to avoid taxes. Knowing that they have something against the government there, I remember an article in which they use it for funding rallies and make even more noise to stop the government. They are probably working on now to eradicate those types of sources and regulate everything.
Anybody from Hong Kong that resides there, and how is it going with the crypto life there?
I also heard this rumor where cryptocurrency are being used to support those anti-government and make more rallies so yeah this can be one of the reason why they are making pressure to the crypto exchanges. Beside, they are under control of China so maybe the Chinese government wants to introduce their digital currency to HongKong as well. If those exchanges can’t follow the new regulations then its sad for Hongkongers to lose another freedom. Anybody from Hong Kong that resides there, and how is it going with the crypto life there?
Most of the people there are probably using Cryptocurrencies to avoid taxes. Knowing that they have something against the government there, I remember an article in which they use it for funding rallies and make even more noise to stop the government. They are probably working on now to eradicate those types of sources and regulate everything.
Anybody from Hong Kong that resides there, and how is it going with the crypto life there?
Anybody from Hong Kong that resides there, and how is it going with the crypto life there?
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