Hong Kong Securities Officials Propose Stricter Oversight Of Cryptocurrency Trading

Translated by MOS Translation Team: Parrot

Cointelegraph.com quoted ETNet Economics News on Sept. 7 that HK SFC Deputy Chief Executive Leung Fung Yee said that the SFC is obligated to expand its regulation to cryptocurrencies, especially in terms of unlicensed trading.

 Although the scope of trading is under scrutiny, trading in cryptocurrencies is permitted in Hong Kong. However, the Hong Kong government is seeking to impose more restrictions on cryptocurrency trading, including adding new licensing requirements, restricting cryptocurrency trading to professional investors, and in the future, launching a repository of trading data to report transactions. In May this year, the Hong Kong Financial Services and the Treasury Bureau announced that it was considering limiting the use of cryptocurrencies to portfolios with assets of at least $1 million, a guideline that would limit access to cryptocurrencies to about 93 percent of Hong Kong people.

Over the past few months, several cryptocurrency exchanges have halted or restricted trading activity in Hong Kong. In June, Hong Kong brokerage firm Fortis Securities announced that it had halted trading in cryptocurrency futures due to regulatory concerns. In August, Binance moved to block derivatives trading for local traders.

 Under the strong pressure of the upcoming Himalayan Coin, a series of suppressions on cryptocurrency trading by the Hong Kong government, in the name of protecting investors, actually have a similarity with the Communist Party of China’s ban on cryptocurrency trading, which is to shut down the gateway for ordinary people to freely remit their capital.

Source: https://cointelegraph.com/news/hong-kong-securities-official-proposes-stricter-oversight-of-crypto-trading

Proofread and Edited by: Paratrooper
Posted by: Paratrooper

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