Hong Kong officially launches its first Bitcoin and crypto trading platform - page 3.

franky1

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Quote from: Wapfika on August 28, 2023, 10:47:28 AM

Quote from: franky1 on August 28, 2023, 09:56:30 AM

Quote from: Jegileman on August 28, 2023, 09:09:59 AM

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

the real news is that hongkong is a gateway for chinese citizens, which means that chinese people can now again trade bitcoin, whereby china previously banned bitcoin trading

Will China allow this? AFAIK Hong Kong has special type of government that gives them a little bit of separation from the Mainland China. I didn't read the full scooe of this exchange but I doubt China will permit this exchange to accept people form the Mainland. Correct me if I'm wrong because it's nonsense that they still ban all form of cryptocurrency use on their mainland and allow their people to use Hong Kong to bypass their law.

china do not want to separate hongkong from china. if china started to say that only hongkong citizens can do X and mainlanders cant. then that forms a separation.. which china never wants.
yes they have separate laws but mainlanders can use the services of hongkong

think of it like canada and US have different laws. but that does not stop someone in canada from buying produce from the US, nor does it stop a canadian from using a US exchange
even things like. if a US state bans gambling. it does not stop a US citizen from going across state lines to then gamble in a gambling allowed state. the citizen wont get arrested when they return home

another for instance.. the US currently is not allowing a spot ETF.. yet europe and australia do have spot ETF's which US citizens can use

benalexis12

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That's good news anyway; Hong Kong is already separated from China because it has its own government. That's fine, obviously, that's under the centralization of the Hong Kong government, of course. And there will be gradual adoption there at the moment.

And probably the other crypto enthusiasts there will also have an advantage because Hong Kong has already launched it.

Aanuoluwatofunmi

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This is not the big catch yet because government will be the one to first feast on the exchange because they will regulate it and collect tax from them, anything that relates with crypto which is centralized is what the government will always hang around to feast on just as the case of the Indians government taxation on every users over transaction, maybe there's more to let the people get the awareness of in knowing the intentions of government over their financial situation and plan over any centralized cryptocurrency exchanges, but they can't try such with a decentralized network.

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Quote from: Wapfika on August 28, 2023, 10:47:28 AM

Quote from: franky1 on August 28, 2023, 09:56:30 AM

Quote from: Jegileman on August 28, 2023, 09:09:59 AM

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

the real news is that hongkong is a gateway for chinese citizens, which means that chinese people can now again trade bitcoin, whereby china previously banned bitcoin trading

Will China allow this? AFAIK Hong Kong has special type of government that gives them a little bit of separation from the Mainland China. I didn't read the full scooe of this exchange but I doubt China will permit this exchange to accept people form the Mainland. Correct me if I'm wrong because it's nonsense that they still ban all form of cryptocurrency use on their mainland and allow their people to use Hong Kong to bypass their law.

Yes I am also confused on whether the Chinese government will impose any restrictions on Hong Kong for this. However, Hong Kong follows different customs and their governance system is also different from China. But even though the Chinese government speaks against it, Hong Kong will be able to implement it, but they may have to go through some trouble. But it's admirable that Hong Kong is legalizing crypto despite China banning it.

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Quote from: Jegileman on August 28, 2023, 09:09:59 AM

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

If those people there doesnt care of Government rules about crypto regulations of Hongkong maybe theres no problem. Surely few will hesitant to use it due to privacy reason but who knows how this will turn out since they just started. But this means that the crypto are now being accepted already and thats one part of advance in adoption.

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Quote from: Jegileman on August 28, 2023, 09:09:59 AM

In light of this, what potential value will this add to the people of Hong Kong. This platform is a centralized exchange and will be regulated by the government in the country. Do you think this move is a good one for the crypto adoption there and won’t the government be so strict with the use owing that it will be regulated by them fully?

Most of these centralized platforms put in much money into advertisement which means more people will know more about Bitcoin. But the problem is that many shitcoin will also be promoted. Regulation leads to centralization and the latter defeats the main purpose of bitcoin. This move by HashKey Exchange and OSL Digital Securities Ltd is not to promote bitcoin but to make profit. These firms can do anything possible to make profit, they don't care about the success of bitcoin.

Quote

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

More crypto-related jobs will be created and the government will collect more tax. There will also be high liquidity in the market and traders will have more options. It will also be great if the exchange or customer deposit is insured by the national deposit insurance (Hong Kong Deposit Protection Board).

Wapfika

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Quote from: franky1 on August 28, 2023, 09:56:30 AM

Quote from: Jegileman on August 28, 2023, 09:09:59 AM

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

the real news is that hongkong is a gateway for chinese citizens, which means that chinese people can now again trade bitcoin, whereby china previously banned bitcoin trading

Will China allow this? AFAIK Hong Kong has special type of government that gives them a little bit of separation from the Mainland China. I didn't read the full scooe of this exchange but I doubt China will permit this exchange to accept people form the Mainland. Correct me if I'm wrong because it's nonsense that they still ban all form of cryptocurrency use on their mainland and allow their people to use Hong Kong to bypass their law.

m2017

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The official launch of bitcoin and crypto trading platform in Hong Kong will have both positive and negative aspects for bitcoin adoption.

Regulation will attract more new users, and regulation by the government inspires confidence for the majority of the country's citizens. People unfamiliar with the ideas of financial freedom afforded by bitcoin will see this as a good indicator, and therefore I assume that this event should act as a good catalyst. But on the other hand, this platform will be tightly controlled and there can be no talk of confidentiality and privacy. Government authorities will know absolutely everything about the users of this platform and will be able to collect any taxes, and possibly, if necessary, block users' accounts on this platform.

In the short term, this news will have a positive effect, but in the long term - negative for digital freedom. No matter how we react to this event, we can no longer change the consequences.

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Quote from: Jegileman on August 28, 2023, 09:09:59 AM

Good news for bitcoin enthusiasts and crypto investors in Hong Kong after the government launches its first bitcoin and crypto trading platform.

Hong Kong has their government so any centralized exchange in that country will be regulated by their government and local laws. They can shut down that exchange any time.

It will be worse if Hong Kong be invaded by China mainland government and that scenario can not be excluded with more harsh activities from China mainland government recent years as well as the policy of their President Xi JinPing.

Quote from: Husires on August 28, 2023, 10:27:07 AM

Hong Kong will not be the last if this experiment succeeds. The rest of the countries will find an opportunity for more tax money and will follow the example of Hong Kong if the idea finds a successful application.

Their government is friendly with Bitcoin and cryptocurrency now but they can change their policies and regulations in future. Like India or some nations in Europe, governments have lot of power to change many things in their nations.

Husires

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Adoption is the one who will answer that. If the government finds that individuals are ready to deal with cryptocurrencies and that the ban will not produce a positive result, then they will consider dealing with these currencies as a matter of fact, imposing taxes on them, and establishing central platforms to ensure monitoring of depositors’ money and easy tracking of currencies, thus maintaining financial stability and expansion. in taxes.

Hong Kong will not be the last if this experiment succeeds. The rest of the countries will find an opportunity for more tax money and will follow the example of Hong Kong if the idea finds a successful application.

franky1

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Quote from: Jegileman on August 28, 2023, 09:09:59 AM

In light of this, what potential value will this add to the people of Hong Kong. This platform is a centralized exchange and will be regulated by the government in the country. Do you think this move is a good one for the crypto adoption there and won’t the government be so strict with the use owing that it will be regulated by them fully?

all exchanges are centralised and regulated.. so not big/negative news about that.. its just standard practice

Quote from: Jegileman on August 28, 2023, 09:09:59 AM

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

the real news is that hongkong is a gateway for chinese citizens, which means that chinese people can now again trade bitcoin, whereby china previously banned bitcoin trading

Jegileman

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Good news for bitcoin enthusiasts and crypto investors in Hong Kong after the government launches its first bitcoin and crypto trading platform.

Quote

HashKey Exchange and OSL Digital Securities Ltd. have won Hong Kong's first crypto exchange licenses under a new regime that allows exchanges to serve retail customers.

The two entities already had licenses from Hong Kong's previous opt-in licensing regime for crypto asset service providers, which may have helped expedite the new approvals.

Earlier, the HashKey Group announced plans to introduce a regulated exchange in the second quarter to serve retail customers and said it planned to raise funds at a $1 billion valuation to capitalize on Hong Kong's re-emergence as a potential crypto hub.

"Effective immediately, OSL Digital Securities offers retail investors the ability to register on its platform and access digital asset products, starting with the popular cryptocurrencies bitcoin (BTC) and ethereum (ETH)," a press statement from the exchange said.

https://www.coindesk.com/policy/2023/08/03/hashkey-wins-hong-kongs-first-crypto-exchange-license-to-serve-retail-customers/?outputType=amp

In light of this, what potential value will this add to the people of Hong Kong. This platform is a centralized exchange and will be regulated by the government in the country. Do you think this move is a good one for the crypto adoption there and won’t the government be so strict with the use owing that it will be regulated by them fully?

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

Topic: Hong Kong officially launches its first Bitcoin and crypto trading platform - page 3. (Read 473 times)