Topic: Hong Kong authorities presented the rules of cryptocurrency business (Read 189 times)

Laws and regulations are getting our adoption rates higher in every country they are made. People are really afraid of getting into crypto with the fear of not knowing what will happen to their tax situation if they deal with crypto, I live in a country where it is definitely gray area, they know the existence of it and governmental talked about it but have not put any regulations on it and I know many friends who are afraid to get in not knowing what they would do if SEC say anything.

Hence, right now Hong Kong regulating the crypto world in their country would mean the adoption increasing a lot more this year. Each time a country does this we will see a new increasing number of users which is what we want for bitcoin and we are getting closer to the time when we can live on bitcoin without cashing to fiat.

First USA than Singapore and many others now Hong Kong getting into Chinese territory boys!
I am so glad to see whenever a country decides to make rules about the crypto business over there. I know it won't affect me directly but it affects all of us in Crypto business indirectly. Hong Kong is one of the biggest financial centers of the world and them getting into crypt could only mean great things about us.

Indirectly, Hong Kong presents both Chinese and British investors with a chance to put their money in crypto world without worrying about the law or the regulations. I still believe these are just regulations to make it clear what type of regulations are there over crypto companies, after a while we will start to get more and more companies based on crypto industry and that will help both the price and the adoption of them.

Good. As long as they still can use it there in their place, a good regulation could also give crypto currencies a nice outcome for people that hasn't use it yet.

Like I always keep saying, this is actually something we cannot hide from in the long run and we will get to see more countries from all parts of the world coming up with their own regulatory frameworks and trying to implement it.

It is not a problem though, it just clarify things with where government of most countries actually stand when it comes to the cryptocurrency space and business, and now that a lot of them are beginning to understand the advantages that lurk when it comes to the cryptocurrency space, I am sure they will be trying as much as possible to do everything to make it work.

I think that is one of the brightest decisions from the Hong Kong government. I'm really happy to hear this news. Although they do not agree completely, they at least do not prohibit investors in Hong Kong from entering the Crypto market. That will make our market more capitalized.

Well, it's a good thing that the Hong Kong government is trying to regulate and not ban/prohibit. At some point, regulation will be a norm across board if cryptocurrencies are to be taken more seriously. Regulations are intended to protect the investing public and as such these ICOs will be forced to comply the subsisting laws of the country they're originating from.

Of course, when it comes to regulation that is actually developed for growth, lenient but straight to the point, then it is going to be a win-win situation for both the government as well as the users of cryptocurrency.

Regulation is a lot better than when we are talking about ban, at least, with regulation, we already know the stance of the government to the idea of the crypto space, and that would basically make more investors to find peace with investing in cryptocurrency without at least, getting the government breathing down their neck, which to me is pretty good for some high level of adoption in the long run.

well, don't say a ban is a ban and regulation is an introduction to the legal framework of the state. So better regulation than prohibition.

regulation or prohibition, in my opinion in this case is the same, it's just that they choose finer words so that news like this does not become a FUD, regulation alone has a considerable FUD impact, especially if they say "ban", because Hong Kong is wrong one place that has a number of investors and high enthusiasm for crypto

This is also true, many banks launder money, but it is better to regulate and introduce into the sphere of everyday use than to prohibit

Oh that's why I don't like when something amazing gets popular among people, they abuse it and then governments try to regulate. Wish these people wouldn't be so gossip.
On another hand, this regulation isn't something anyone has to worry, it's good step for them, better than prohibitation. While bitcoin exists, nothing can stop money laundering or leak users' privacy. But also when they talk about bitcoin as a money laundering option, look howbhuge banks like Deutch Bank and others launder billions.

I'm all for regulations as I think the space has gotten to that point where it is highly needed. Different countries should come up with their interpretation of regulations as it suits them, in the end the crypto world will be better for it.

Many countries are trying to come up with rules that will regulate the crypt, in my opinion in the end they will succeed, and they do it for the most part in order to prevent the sponsorship of terrorism in the first place as we all know about it Yes, money laundering and much more.

Crypto isn't really solely created just to be regulated yet this is really fully contrary on its main purpose of its existence but sad to know the reality that
we would really need to follow the path of regulation if we do like for Crypto to be adopted on all sorts. For BTC and other decentralized things its really hard
for them to control and I'm sure they are aware on such thing and that's why they are still blocking it out because they aren't capable on handing it.

Regulation is inevitable, and it may be good in the long term.

It will give more stability to the market, as those "China ban bitcoin" news will disappear.

But bitcoin cannot be controlled or domesticated by any regulation. They will realize that soon or later.

The Hong Kong securities and futures Commission (SFC) has published rules for cryptocurrency funds. The regulator also said it may control trading platforms, Bloomberg reports.

According to the new requirements, Fund managers, whose portfolio contains more than 10% of assets in cryptocurrency, must obtain a license from SFC.

Crypto platforms that serve only professional investors can join the experimental "sandbox". In it, companies will be able to conduct experiments in the field of anti-money laundering on their sites to prove to the regulator their competence in this matter.

It is noted that the company has the right to apply for a license, if successfully tested in the "sandbox".

"The digital asset market is still very young, and trading rules are not always transparent and fair. Manipulation and abuse are frequent phenomena in the market. There are also cases of outright fraud," explained the need to regulate the head of SFC Ashley alder.

In addition, the new rules prohibit industry participants from providing clients with any financial incentives or offering them to trade cryptocurrency futures or derivatives.

"If you look realistically, there are two ways: regulation or prohibition. It is good that Hong Kong has chosen regulation," Ursula McCormack, a partner of the law firm King & Wood Mallesons, said.

Recall that the SFC is preparing rules for the regulation of cryptocurrency business in the country, it became known in October.