The Hong Kong financial regulators are obviously in doubt when it comes to backing any crypto-related businesses at this time all while proper rules are being drafted to regulate initial public offerings (IPOs). This is what is viral in the latest cryptocurrency news.
Obviously, the key player here is Bitmain with its IPO as well as other related crypto projects in the near future. Until recently, Hong Kong was one of the most crypto friendly destinations in Asia but it appears that the times are changing.
According to reports from the South China Morning Post, the stock market regulators are dragging their feet in approving an IPO by the largest assembler of crypto mining equipment – Bitmain. The regulators are now waiting for a proper framework to be implemented in regards to the crypto-related businesses in the country.
As sources close to the Hong Kong regulators told the South China Morning Post:
“It is premature for any cryptocurrency trading platform – or business associated with the industry – to raise funds through an IPO in Hong Kong before the proper regulatory framework is in place.”
The Bitmain IPO could now be bogged down in red tape for a while, mostly because of the regulators and their delay which could take up to six months to unfold and still end in rejection for the mining giants.
South Africa Doesn’t Intend On Banning Crypto Trading
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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