Topic: Hong Kong officially launches its first Bitcoin and crypto trading platform - page 2. (Read 488 times)

I've got a couple buddies whom live in Hong Kong that I chat with on a semi-regular basis.  I think this is of course a great thing for bitcoin as well as Hong Kong.  What's more, the fact that Hong Kong (semi-Chinese owned) is even doing this in the first place, despite the fact that China has banned bitcoin (and I think all cryptocurrencies except for the digital yuan , if I'm not mistaken).

Most centralized exchanges especially the local ones, are already implementing KYC to its users.
This is due to the fact that they are under the regulation of Central Bank.
And people are continuously using their services because this is one of the trusted platforms to convert their crypto to fiat and vice versa.
Hence, people are not complaining about such developments like this rather than trade with scammers that you have no assurance that you will get your money back.

A person who uses centralized exchanges cannot be concerned about the privacy or security of their personal details and information because almost all the centralized exchanges are regulated by central authorities and they can always have all the information they require about any user if they ask a centralized exchange for it. So, I don't think that it is much of a concern if the exchange is regulated by the government as that is now a normal thing.

This can actually be a good thing if we see it from an adoption perspective since a lot of people who might have not been able to get into crypto just because of lack of accessibility will now be able to get on board using the exchange which will have a positive impact on the overall adoption level of cryptocurrencies.

Hong Kong is a business city and for them to still keep a ban on Bitcoin will not help her citizens at all although that's a good news but it's still a centralized exchange that is regulated by the government. The government will still have access to individual accounts and sanction anyone in case anything happens or they want to gain access to individual's portfolios. This will give the Chinese people access to cryptocurrency and also attract other centralized exchanges that wants to be regulated by them.

Hong Kong is the most popular for business & trade. That means Hong Kong wants to include crypto as well in their business portfolio. Since Hong Kong is controlled by China now, China agreed to allow Hong Kong to run a crypto exchange that will enable Chinese traders to trade crypto. So it is good news for Chinese people. Besides I don't see much impact on the market for this news. But if China is influenced to ban crypto again then it will have a big negative impact on crypto industry.

Hong Kong has been known as the best commercial city in the whole of Asia as a continent. It is not for nothing that it still remains pivotal towards the growth of technologies and adding a bitcoin trading platform to it doesn't sound like rocket science to me as it has been long over due.

A place with much impact such as Hong Kong should be leading in technology and this is just a step in the right direction.

Yes, but all things considered this is a positive thing when the market sentiment will turn bullish. The more possibilities users have to purchase crypto the better.
We want to promote decentralisation of onramping as much as possible to limit of possibilities of one exchange taking the whole market with it.

That's a good News to hear for the official lunch of Bitcoin trading platform in Hong Kong, the capital city of China and approved by government official, that is a great step in the cryptocurrency industries market adoption and I believe sooner other countries will be accept Bitcoin in the country.

New regulated exchanges from Hong Kong and later Shanghai will start everything slowly and do a whitelisting process. The only cryptocoins that will be listed in the beginning are Bitcoin and Ethereum. You can confirm by going to Hashkey exchange, the first legal exchange in Hong Kong.

I reckon in a confirmed bull market, the whitelisted projects being prepared for listing in Chinese exchanges might be the source of much speculation, very similar to when Binance speculations we have witnessed hehehe.

This news makes me happy because I've always believed in Bitcoin. A democratisation of access to these digital assets is shown by the choice to cater to retail customers.

Such tactical actions strengthen Hong Kong's status as a financial powerhouse in addition to opening up a world of investment opportunities for common people. Its intriguing to watch the interplay between the emergence of digital currencies on the one hand, and the complex market dynamics at play as businesses compete to profit from this expanding sector.

And can we just appreciate for a second how crazy it is to aspire for a $1 billion valuation? absolutely outstanding This kind of bold thinking will advance the cryptocurrency movement and transform it from a niche hobby to a crucial part of the world' financial system.

This is a plan for containment, not adoption, since the government failed to prevent people from trading in cryptocurrencies, it decided to create a fully monitored, centralized platform to allow all citizens to work with cryptocurrencies under its full monitoring and control.

In any case, the centralized exchanges that are subject to the government remain much better than the centralized exchanges owned by people or companies, at least users can be guaranteed to get their money back in the event of any exchange accident because the government is directly responsible.

Yeah when I heard about this a year back I assumed it would be very bullish because it would bring tons of money into the crypto market. However whenever we got news that it was finally a reality and trading would be allowed, nothing happened. And the price is still not exploding due to this news.

I think the people who wanted to own bitcoin already did in alternate ways and those that want to buy bitcoin won’t do it now but only when bitcoin breaks ATH. Many believe Bitcoin is dead right now because it’s trading sideways for many months.

I'm curious about this particular regulatory framework, the problem is that the emergence of new centralized exchanges is no longer a joy for us (it's even bad news because it means the growth of centralized entities is thriving). As for the expected implementation and adoption, it will not work as intended for bitcoin, it will only go through government-approved fintech platforms.

If you look at it broadly, the existence of a crypto exchange platform will actually have a good impact. Because then, the development of crypto and bitcoin in Hong Kong will further develop. But with the regulation of the exchange platform by the government as a whole, in my opinion, this is what will become uncomfortable for crypto investors in Hong Kong. Because then, like the opinion that OP wrote, there will definitely be rules and conditions imposed by the Hong Kong government, which might be very strict or could be like implementing a fairly large tax system. Whereas investors in crypto, as I know, really don't like things that smell centralized, and are regulated by the government.
But even so, with the creation of a new crypto exchange platform in Hong Kong, I think it will definitely have a pretty good impact on the progress of bitcoin and cryptocurrencies.

It is true, with the creation of a crypto exchange platform, cryptocurrencies like bitcoin are likely to become more popular in Hong Kong society. But can crypto currency become popular quickly?, I also can't predict it for now. Because the exchange platform is also very newly created. So I personally also don't get a picture of how crypto investors in Hong Kong and other Hong Kong people (not crypto investors) will react.

Agreed that small minnows like you and me might not need this, however, there are also whales in Hong Kong who want to trade cryptocoins with size and they need a professional platform with marketmakers that can handle their liquidity and cashflow. Also, this platform will open access to instutional investors.

This is very much needed if we want more cashflow from China to go into the cryptospace.

AFAIK and as I read before in articles they called it "one country, two systems" so I think Hong Kong now has a separate law that doesn't depend on China.  Hong Kong's government has its own regulatory authority and can regulate and oversee activities within its jurisdiction, including centralized cryptocurrency exchanges, so if a centralized exchange operates within Hong Kong, it would be subject to local laws and regulations and China won't be able to stop it.

This is good news and it could increase adoption, people can still have crypto even if it's regulated so I think this is the best way for them.
Higher adoption rates would likely lead to increased awareness and acceptance of cryptocurrencies and blockchain technology among the general public, potentially making them a more integral part of everyday financial transactions.
IMO, it's a good news.

I think people in Hong Kong don't really need this.
There are so many physical exchange shops where you can buy and sell any coin with great fees and mostly without any KYC.

I only made good experiences with those shops and can only recommend them. ATMs are also available, and I mean many of them, but the fees are not good to be honest;

Will go to HK in 2 weeks, let's see if this is up and running then already.

Its long overdue for a highly technological country!!! Btw, this works in bitcoins favor as sooner or later other countries around the world will feel left out in this fintech adoption, and will be forced to accommodate cryptocurrencies with a favorable regulatory framework..which translates into demand for crypto.

Am just hoping China won't be knocking on Hong Kongs doors in trying to dictate how they should be running the country or using their financial freedom because we have seen how these guys tried to suppress their freedoms some few months back.

It was the strongest opinion of China, based on this they use to create a Five finger policy which include the Hong Kong.It's all based on the people opinion,the people in Hong Kong may need of cryptocurrency for now.The government may secretly find out the number of cryptocurrency based traders in their country.If I was not wrong the people who uses cryptocurrency may be above 60 percentage of the younger population.This may trigger the Hong Kong to start the trading platform.This will be the good news for the traders for sure and for us.When the government officially announced means the demand for cryptocurrency and Bitcoin will going to increase the maximum value.So it's essential for elder people to hold your holding bitcoin.The price of bitcoin will increase to new all time high value soon.

Definitely a good move by the Hong Kong's government. Being strict is subjective but you can expect what to expect from them by approving these exchanges since they're regulated.

Not just entirely for the crypto community there but also for the government because it will serve more tax matters. And with the goal of its government to capitalize everything that they can gain tax to, they'll do it and that's why this is an initiative that proves of their goal to attain a certain target for their recovery plan due to covid-19 effect and global economic crisis.