Hey, people got to make money from charging fees and commissions to wealthy people who can't be bothered to do all the nitty gritty little things, right?
As Neurotic says, and I know it's unfortunate, but it's always necessity that's driven invention. It's always been difficult for regular people to get in on the act of "better money" but the silver lining is that, if desperate enough, they'll seek more decentralised ways, and then they may actually get into Bitcoin in more meaningful ways than they would have if they got in through an exchange.
Topic: [2021-05-22] Hong Kong to restrict crypto exchanges to professional investors (Read 100 times)
May 24, 2021, 10:15:56 AM
May 24, 2021, 08:03:15 AM
The beauty of Bitcoin and crypto is that anyone can buy and trade in it with pretty
much any amount they want.
This move by HK is just protecting the institutions who are as mentioned above not
getting it all their own way anymore.
There is a chance we may see more authorities move in similar ways as Bitcoin
becomes more popular and becomes a threat.
its strange really, when we see the likes of the SEC in the U.S allowing investments
to go ahead by institutions.
much any amount they want.
This move by HK is just protecting the institutions who are as mentioned above not
getting it all their own way anymore.
There is a chance we may see more authorities move in similar ways as Bitcoin
becomes more popular and becomes a threat.
its strange really, when we see the likes of the SEC in the U.S allowing investments
to go ahead by institutions.
May 24, 2021, 07:30:07 AM
It was more or less expected. China is aggressively attempting to put Hong Kong under its complete control. The days of "one nation, two systems" are over. Whatever laws that are applicable in mainland China will be slowly implemented in Hong Kong as well. Since cryptocurrency exchanges are not allowed in China, I don't expect any exceptions in Hong Kong as well. The best option for Chinese users is to set up accounts in exchanges that are based in South Korea and Japan.
May 24, 2021, 03:49:10 AM
They are forcing people to move to "underground" markets and for developers to create more decentralized solutions for people to trade Crypto currencies online. The governments want to protect the old Financial system that are fully regulated and these financial institutions are the driving force behind these actions.
The people in the current financial system, like brokers and financial advisors (middle man) are suffering now, because the ordinary person on the ground are bypassing them and trading on their own. They are losing out on commissions and advisory and consultant fees, so they will complain if they are simply ignored.
The people in the current financial system, like brokers and financial advisors (middle man) are suffering now, because the ordinary person on the ground are bypassing them and trading on their own. They are losing out on commissions and advisory and consultant fees, so they will complain if they are simply ignored.
Yep, the average Joe will either have to give up trading, either will have to learn to use the decentralized tools. Imho it's a good direction, actually. People are versatile living beings and will learn.
In their attempt to protect the old system, the governments actually starve it even more, since less money will flow on that route. Well, we can't expect politicians understand all the subtle details, don't we?
May 24, 2021, 03:25:04 AM
They are forcing people to move to "underground" markets and for developers to create more decentralized solutions for people to trade Crypto currencies online. The governments want to protect the old Financial system that are fully regulated and these financial institutions are the driving force behind these actions.
The people in the current financial system, like brokers and financial advisors (middle man) are suffering now, because the ordinary person on the ground are bypassing them and trading on their own. They are losing out on commissions and advisory and consultant fees, so they will complain if they are simply ignored.
The people in the current financial system, like brokers and financial advisors (middle man) are suffering now, because the ordinary person on the ground are bypassing them and trading on their own. They are losing out on commissions and advisory and consultant fees, so they will complain if they are simply ignored.
May 24, 2021, 01:29:03 AM
@Lucius. Since when has government and the people behind the government, who are drunk on power, in the position to protect our rights and our freedom? China has also begun to crackdown on mining to reduce carbon intensity as their political goal.
This is my other speculation. Trump removed America’s efforts to reduce carbon intensity, however, what would the Biden administration do and who first to blame for harmful carbon emission? The government always picks the low hanging fruit.
This is my other speculation. Trump removed America’s efforts to reduce carbon intensity, however, what would the Biden administration do and who first to blame for harmful carbon emission? The government always picks the low hanging fruit.
May 23, 2021, 06:08:09 AM
I speculate that for the regulators to regulate, monitor and limit financial crimes made through the cryptospace, other countries will copy the Chinese model. The Biden administration also appears to be preparing for this.
So isn't the Chinese model completely undemocratic and against human rights? I don’t see the West copying China in anything, especially in such insane methods that can only be implemented in countries like China, Russia, or perhaps India where brute force is still a method of keeping people in fear, and elections are just a false illusion of democracy.
In addition, criminal activities in the crypto world make up perhaps 1% of total world crime - does anyone have an excuse to implement communist methods to prevent this? I don't believe that Biden has in focus cryptocurrency at the moment, there are a lot more important things to deal with - but even if something is going to be done in that direction, I don't believe that anyone with a little common sense will copy the Chinese model.
May 22, 2021, 11:27:14 PM
What's new in China or HK? Well, we all know that China wants to completely control HK in all possible ways, and if they want to kick crypto exchange companies out of that region, this is definitely a move that allows them to do so. However, I do not believe that their moves have any impact on other markets in Asia, and especially in Europe, which is light years away when it comes to human rights and freedoms.
After all, this is just a proposal that has already been opposed by many who are in any way connected with this sector - and it will all come down to how powerful China is to put its ideas into action.
After all, this is just a proposal that has already been opposed by many who are in any way connected with this sector - and it will all come down to how powerful China is to put its ideas into action.
I speculate that for the regulators to regulate, monitor and limit financial crimes made through the cryptospace, other countries will copy the Chinese model. The Biden administration also appears to be preparing for this.
The cryptocoin exchanges of today can be viewed as something very similar to the bucket shops of 1870 - 1920. They were not regulated, markets were manipulated and there was many scams. Is this history repeating itself hehe?
May 22, 2021, 08:23:37 AM
You are right. The Chinese communist party doesn't like their citizens to be free. If other countries follow suit, you'll see which ones are following their authoritarian, statist lead.
Short-term wise that is a problem but on the long term I do not think we care about those countries being left behind in the bitcoin race. Those nation-state will lose the huge competitive advantage they were able to create over the last few years! That is their problem, not ours. May 22, 2021, 06:26:31 AM
What's new in China or HK? Well, we all know that China wants to completely control HK in all possible ways, and if they want to kick crypto exchange companies out of that region, this is definitely a move that allows them to do so. However, I do not believe that their moves have any impact on other markets in Asia, and especially in Europe, which is light years away when it comes to human rights and freedoms.
After all, this is just a proposal that has already been opposed by many who are in any way connected with this sector - and it will all come down to how powerful China is to put its ideas into action.
After all, this is just a proposal that has already been opposed by many who are in any way connected with this sector - and it will all come down to how powerful China is to put its ideas into action.
May 22, 2021, 06:26:13 AM
You are right. The Chinese communist party doesn't like their citizens to be free. If other countries follow suit, you'll see which ones are following their authoritarian, statist lead.
May 22, 2021, 12:20:09 AM
I predicted this would happen. It appears Hong Kong will only be the beginning. Later, we will see these types of restrictions enforced all around Asia then Europe and America. Enjoy the freedom of the cryptospace now, it might be gone within 5 years.
I predict some regulators will require a professional broker’s license and some will require a higher income bracket to invest in cryptocoins.
Cryptocurrency exchanges operating in Hong Kong will have to be licenced by the city’s markets regulator and will only be allowed to provide services to professional investors, according to government proposals published on Friday.
Governments and financial regulators around the world are still assessing whether and how they should regulate the cryptocurrency industry. Investor protection and preventing money laundering are particular concerns.
Read in full https://www.reuters.com/article/crypto-currency-regulation-hong-kong/update-1-hong-kong-to-restrict-crypto-exchanges-to-professional-investors-idUSL2N2N80MA
I predict some regulators will require a professional broker’s license and some will require a higher income bracket to invest in cryptocoins.
Cryptocurrency exchanges operating in Hong Kong will have to be licenced by the city’s markets regulator and will only be allowed to provide services to professional investors, according to government proposals published on Friday.
Governments and financial regulators around the world are still assessing whether and how they should regulate the cryptocurrency industry. Investor protection and preventing money laundering are particular concerns.
Read in full https://www.reuters.com/article/crypto-currency-regulation-hong-kong/update-1-hong-kong-to-restrict-crypto-exchanges-to-professional-investors-idUSL2N2N80MA
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