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goaldigger

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Quote from: slapper on November 03, 2020, 02:33:22 PM

I believe that most exchanges will choose to move out of this region and place their headquarter in places where laws are less strict.

But it still won't save them from Hong Kong's crypto market regulation, because regulation will also affect third-party platforms that provide services to local investors. Someone will generally leave the Hong Kong market without further services.

Either they comply or leave the HongKong market, this is the only option for them. Those who want to make real business with them just simply follow the law so technically cryptocurrency is not banned at all, HongKong government just want to regulate it to minimize illegal transactions. This country is almost digital now, its also good for them to have options like this and cryptocurrency can be a big help as well.

teosanru

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I think this is the way how things are going to go forward. I think many countries could take idea from this system. Because obviously no matter how much we talk about P2P trust the retail investor always gets scammed so I think it's better this way than having a complete ban. Moreover it would be interesting to see the take of China on this and their one China policy.

But yes the concern legit too it destroys the very prime feature of cryptocurrencies. It would make cryptocurrencies markets more like forex market just a handful of exchange in each country with all shady ones going down. Won't be surprised if they start intervening in the selection of Board of directors and management too.

hatshepsut93

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Quote from: The Sceptical Chymist on November 03, 2020, 10:32:24 PM

Ugh. This news isn't really surprising, and I don't even know how significant it is. This has been the trend as far as regulating crypto goes for some time now. That statement by the Hong Kong government was typical bureaucratic doublespeak, and those always make my skin crawl no matter who it is that's making it.

Actually this seems to be pretty unique, I don't remember another cases of retail investors getting banned from trading crypto. It's not very significant news, because Hong Kong isn't a host to a large amout of crypto volume and adoption, but if it's actually China testing the waters before implementing similar laws on mainland, this could be pretty big. And locally it will have a huge impact, I doubt that majority of crypto investors are whales who hold $1 mil USD in assets, so exchanges will lose a huge share of their customers, maybe even forcing them to close, while people will have to resort to p2p trading, which is often risky.

so98nn

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Quote from: Symmetrick on November 03, 2020, 01:06:43 PM

Hong Kong decided to fight against unregulated crypto trading by introducing mandatory licensing.
Apparently, there is a fight against money laundering and shadow operations, so they want to make everything transparent, so that all exchanges in Hong Kong are licensed, as well as foreign exchanges that provide services to local investors.

Licensing of the exchanges would mean that they will have to get all the user details with KYC verification up-to date. That would in turn mean that users in the hong-kong wouldn't be able to make anonymous transactions.

I wonder what will happen if they make it more stringent and ask for the details of users to "to whom" they are sending the money outside the Hong-kong?

May be we will have to consider this as partial anonymous nature of transaction.

Quote from: Symmetrick on November 03, 2020, 01:06:43 PM

The recent history with BitMEX and OKex has served as a catalyst for global regulation. Now all exchanges will have to submit a corresponding application.
Restrictions for retail investors again, reminds me of the recent restrictions for retail investors in England. The trend towards bans and regulation continues.

Ahh, this is the only stuff that will be happening good enough if they regulate the whole exchanger way of transactions. Currently I suspect that people may not be liking the way regulations are getting imposed within Hong-Kong for the reason of identity exploration.

Money laundering is not new for any country. Considering the fact that not everyone is doing money laundering this decision is gonna hamper the normal traders who may wish to have small winning, savings for their retirement without paying taxes on it!

IDK, but that much freedom needs to be their for humans. Tongue

Lorence.xD

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It is a fair regulation personally, this reduces the chances of scammers and price skimmers from exploiting the unruly volatile prices of digital currencies. I may not like People's Republic of China, to be fair, their laws favor people more than anything. On the other hand, this could mean that registered platforms for trading digital currencies will raise their transaction fees because there are less if no unregulated competition, right?

The Sceptical Chymist

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Quote from: slapper on November 03, 2020, 02:33:22 PM

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.

Ugh. This news isn't really surprising, and I don't even know how significant it is. This has been the trend as far as regulating crypto goes for some time now. That statement by the Hong Kong government was typical bureaucratic doublespeak, and those always make my skin crawl no matter who it is that's making it.

Darker45

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To a certain extent, this is the expected fate of Bitcoin and cryptocurrency and the businesses associated with them. This is the price Bitcoin has to pay for getting into the mainstream society and becoming legal. It simply cannot avoid getting regulated. After all, being regulated is more or less the same with being acknowledged, although it could also mean being controlled and taxed.

Quote from: ?? on ??

Quote from: slapper on November 03, 2020, 02:33:22 PM

I believe that most exchanges will choose to move out of this region and place their headquarter in places where laws are less strict.

But it still won't save them from Hong Kong's crypto market regulation, because regulation will also affect third-party platforms that provide services to local investors. Someone will generally leave the Hong Kong market without further services.

Well, let them learn something very precious from the BitMex fiasco. Moving to places where laws are less strict and licenses are as cheap as a coconut may not save them from legal responsibilities abroad. If these exchanges leave Hong Kong, they better make sure there is not a single Hong Kong citizen which uses their platform.

hugeblack

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Regulatory pressure to get more money, it appears that countries will accept digital platforms in exchange for imposing more taxes on them.
The current approach will allow many service providers to make more efforts, especially since most of them establish these companies by disregarding fraud and price manipulation.

ChiBitCTy

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Quote from: Symmetrick on November 03, 2020, 01:06:43 PM

Hong Kong decided to fight against unregulated crypto trading by introducing mandatory licensing.

Quote

The government planned to release a consultation paper on Tuesday afternoon to collect views on the proposed new rules, which aim to offer investors better protection by combating fraud and money laundering, said Christopher Hui Ching-yu, the Secretary for Financial Services and the Treasury.

Apparently, there is a fight against money laundering and shadow operations, so they want to make everything transparent, so that all exchanges in Hong Kong are licensed, as well as foreign exchanges that provide services to local investors.

Source: https://www.scmp.com/business/banking-finance/article/3108240/hong-kong-plans-ban-retail-trading-digital-currencies-and

This is certainly not surprising to me, knowing China and how they operate. This is also why China has come out with that new centralized "cryptocurrency" where they can completely track how all the money is being spent. China is all about full control. Not saying this aspect is not the right thing to do, but they don't just care about the illegal activities.

slapper

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Hong Kong market seems to be tougher and tougher recently, especially when Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region was passed. Not good news at all even though they say that they want everything to be transparent. More regulations and laws are created in order to force citizen and investors to comply which decrease significantly the existence of cryptocurrency.

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.

Symmetrick

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