Hong Kong belongs to one of the continents on the planet with the heaviest regulations in terms of cryptocurrency laws. This Asian nation is in our crypto news today for announcing to tighten the crypto laws even further.
The Securities and Exchanges Commission of Hong Kong wants to implement more crypto laws because the concerns over crypto crime and money laundering are growing across Southeast Asia.
The current stance on cryptocurrency of Hong Kong is being surprisingly the least stiff when you take into consideration the hard approach by mainland China. Hong Kong is one of the world’s fastest-growing financial epicenters and this is why the SFC is set to improve the regulation especially in terms of the ICO sector.
The SFC wants to create a scheme where exchanges will have the opportunity to test their digital assets in a ‘’temporary regulatory sandbox’’ and then will be able to seek for a license.
The commission has also been working hard to warn the industry for their plans to impose these stricter crypto laws when in February this year even warned seven crypto exchanges because of the complaints investors made.
Many other countries are reevaluating their stance on crypto regulation so it’s not at all strange that Hong Kong is looking to do the same.
Imposing stricter laws offers both many pros and cons. Despite the belief of some that it is essential to have stricter regulations to protect investors, others believe that strict laws will work against the entire crypto community.
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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