Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator

wxa7115

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Quote from: olubams on October 15, 2018, 01:39:10 PM

Quote from: sell100 on October 15, 2018, 06:46:31 AM

Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator

The outgoing chairman of Hong Kong’s securities regulator has – unlike China – ruled out a total ban on domestic cryptocurrency exchanges, suggesting formal regulations instead. Hong Kong’s Securities and Futures Commission (SFC) is drawing plans in…

Read more:
https://www.trackcoinmarket.com/en/crypto-news/33567/total-ban-crypto-exchanges-unnecessary-hong-kong-regulator

This is exactly what has been said by everybody in the crypto community for those who are not oblivious of the reality we have to face. Any country that goes the way of total ban as a means of is only showing forth the extent of their ignorance rather than the show of strength that they believe they are doing because in the near future they would realise that other countries that they have made their model have been developing behind the scene leaving them to grapple with manual way of doing things.

Many countries are only seeing the disadvantages that cryptocurrencies will cause them but it is also true that cryptocurrencies can bring a lot of benefits and like at the individual level the countries that adopt cryptocurrencies the fastest are going to be the ones that obtain the most benefits, this is why Japan has adopted cryptocurrencies so fast, they understand that in the future that is going to help their economy.

I really think that Japan has adopted cryptocurrencies in part because of its huge national debt problems and they are seeing cryptocurrencies as a way to increase their economic activity and the taxes they can collect so they can finally eliminate part of that huge debt they have been holding for decades.

Desscount

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Quote from: sell100 on October 15, 2018, 06:46:31 AM

Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator

The outgoing chairman of Hong Kong’s securities regulator has – unlike China – ruled out a total ban on domestic cryptocurrency exchanges, suggesting formal regulations instead. Hong Kong’s Securities and Futures Commission (SFC) is drawing plans in…

Read more:
https://www.trackcoinmarket.com/en/crypto-news/33567/total-ban-crypto-exchanges-unnecessary-hong-kong-regulator

maybe this will have a good impact on the development of the crypto market. but I still doubt the news, because after all Hong Kong is part of China's authority. I don't think the market will recover quickly with or without this news.

efxtrader

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Most people in hong kong having good knowledge in investment and i am believe if they dont ban exchange, their transaction will be big. Hong Kong is financial hub in asia and having big financial transaction. Its good for Hong Kong if they dont ban cryptocurrency exchange

boyshx

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Quote from: pooya87 on October 15, 2018, 11:42:27 PM

bitcoin and because of it cryptocurrencies is a growing phenomenon that they can not do anything to prevent it. so if the government wants to keep their control over the market they would have to forget about a total ban of cryptocurrency exchanges and instead think about regulating them in a way that they can keep people on these exchanges and have control over them.
otherwise we have seen total bans leads to migration not prevention. people simply start using other methods of trading, methods that involve decentralization and remove government control altogether.

Perfect. There is big example of this going on right now. When India had total ban of the crypto currencies then its #1 exchanger went down like crazy. The exchanger that is ZebPay struggled a lot over the Indian RBI decisions to make things happen in their own favour. However eventually they have failed badly. Now they have multi billion business and surely cant let it go that way.

For this purpose they are now getting migrated to the Malta and thus gonna serve 20 more countries out there but NOT India. Wink

Its loss of India country now and thus total ban of crypto will always lead to worst cases.

Assface16678

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Quote from: Marcel666 on October 15, 2018, 10:37:53 AM

The blockchain technology is the technology that would disrupt the way we transact and interact with each other.

And governments would do well to embrace it and look for productive ways to integrate it into their system.

Putting a ban on it is going in the opposite direction.

And sooner or later they will be disappointed to their decision. This is not the right thing to do today, because we all kmow that bitcoin is the future of currency. This will be for sure. Soon they will lift their decision and accept bitcoin. Everyone must be hopeful with this.

Mr.Boring007

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If regulations mean 24 X 7 surveillance on your internet activities, then you should think twice. But truth is, either way you end up giving your KYC details, whether its an exchange or a goverment.

jademaxsuy

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This is how should a government do. Letting the people to have the option to join cryptocurrency or not. And still, the government aiming to regulate cryptocurrency for some reason like the scam activities on ICO. This part should be regulated. But, in trading cryptocurrency government should support this because this is more like stock market exchange with higher volatility rate.

Thinkable999

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"Different people has different perspective on cryptocurencies. The regulatory act bans cryptocurrencies in honkon without showing proper facts behind it.
"

ClassyDancer

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Quote from: DipDare11 on October 16, 2018, 04:35:33 PM

I am sincerely glad that the guys understand how important cryptocurrency is to people. Behind the technology blockchain future)

True! Banning should not be the default reaction of any government. Regulation is enough. Japan and South Korea are already doing it. There’s a way to control the technology without having to ban it and completely deprive a country of its benefits, right?

DipDare11

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I am sincerely glad that the guys understand how important cryptocurrency is to people. Behind the technology blockchain future)

Pump N Dead

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Quote from: sell100 on October 15, 2018, 06:46:31 AM

Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator

The outgoing chairman of Hong Kong’s securities regulator has – unlike China – ruled out a total ban on domestic cryptocurrency exchanges, suggesting formal regulations instead. Hong Kong’s Securities and Futures Commission (SFC) is drawing plans in…

Read more:
https://www.trackcoinmarket.com/en/crypto-news/33567/total-ban-crypto-exchanges-unnecessary-hong-kong-regulator

I think the officials cannot take the pressure of influential people who are joining and investing huge amount of money in blockchain technology. The official will not change their mind unless there is someone who are appealing to regulate cryptocurrency.

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Quote from: Pursuer on October 16, 2018, 02:22:20 AM

Quote from: LeGaulois on October 15, 2018, 03:58:20 PM

If people start to take a look finally to the decentralized exchanges platforms then the problem wouldn't be it anymore.

true but the decentralized exchanges work best when you are only concerned about trading cryptocurrency with cryptocurrency. for example when you are trading bitcoin/altcoins. otherwise when fiat is involved the centralized exchanges will always be the best because despite all the time consuming and annoying KYC verification it still is a lot safer than dealing with a random person on the internet with fiat which has a lot of ways to scam you with it.

I would prefer to not be a victim of a KYC rather than lending my coin to a website type that is regularly hacked
There is Bisq, with crypto/fiat exchange and the person receiving the fiat payment is somewhat protected. You can have an arbitration process. Also, Bisq removes banks well know to dispute a "fraudulent" transfers

Quote

There is a trade limit per trade, which is generally too small to attract criminals.

2. We will remove national currency payment methods which are found to be used for chargebacks.

3. We introduce with version 0.6.0 a new feature for detecting the age when a payment account has been set up. Recently opened accounts will have lower trade limits. This adds protection against stolen-bank-account-scams.

gamechangers

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A lot of cryptocurrency exchanges are truly not worth being called exchanges. They are simply scam and eliminating this kind of exchanges won't be a bad idea. It doesn't mean that there are not reputable exchanges. Under a well regulated system, only the reputable exchanges will stand.

ahmad21

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“We have to carefully consider the regulatory approach for these platforms because they are new technology and may not qualify as securities. They do not fit in the custodian, audit or valuation requirements, for instance, normally expected under the Securities and Futures Ordinance.”

Tong added that the SFC is evaluating the best approach to regulate cryptocurrency platforms “to a standard that is comparable to that of a licensed trading venue, while at the same time ensuring investors interest are being protected.”
(Source: https://www.newsbtc.com/2018/10/15/hong-kong-to-propose-regulation-for-cryptocurrency-trading/ )

It is seen that the Securities and Futures Commission (SFC) Chairman has got a different point of view for the mainland China's ban of the crypto currency. Obviously he has got the right approach to look at this matter, because when crypto is trending, and so many people are already indulged into it, then how can you expect a total ban would work in such an environment without really effecting the economy of the country.

dothebeats

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Total ban is really unnecessary; instead of fully restricting any crypto exchanges on Hong Kong's soil, why not implement regulations that would fully envelope crypto exchanges' activities and keep track of what's happening with them? That's what happens when a state can't control something: outright banning it without any reason presented to the masses at all. Knowing that HK has been a hub for cryptoexchanges for years now, they'd potentially lose some revenue if the ban goes into effect, and that's not pretty IMO.

revive7up

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Hong Kong is an autonomous region of China, with a distinct financial system that has a great influence on the domestic economy. When the Chinese government issued an ICO ban, the Hong Kong government pushed for Blockchain support, highlighting the importance of the country to the crypto market. And at around that time, the Hong Kong government launched Plan to set up a financial system based on the Blockchain platform, technology can significantly reduce the human input and time spent on financial transactions and also "reduce the risk of fraud" and gradually progress to become Blockchain paradise.

Pursuer

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Quote from: LeGaulois on October 15, 2018, 03:58:20 PM

If people start to take a look finally to the decentralized exchanges platforms then the problem wouldn't be it anymore.

true but the decentralized exchanges work best when you are only concerned about trading cryptocurrency with cryptocurrency. for example when you are trading bitcoin/altcoins. otherwise when fiat is involved the centralized exchanges will always be the best because despite all the time consuming and annoying KYC verification it still is a lot safer than dealing with a random person on the internet with fiat which has a lot of ways to scam you with it.

coinwizard_

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This is a great choice, hong kong has always been the financial powerhouse of east asia and if they place a ban on crypto they will lose that crown to somewhere else like singapore

sehoon

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I actually don't understand why people want to regulate or ban bitcoin in their countries. Even though, there is a lot of potential in these cryptocurrencies.

Kakmakr

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This is a question of, "Do you throw out the baby with the bath water or not?" The regulators know Bitcoin exchanges generate taxes and income for the government and they want a piece of that tax pie, so they will not want to throw away the baby, with the bath water.

Regulation will also give them some kind of control, if they need to identify users in the future. It is better to have some control, than having zero control over this technology. Wink

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