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.
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