Regulation mandatory on Hong Kong Cryptocurrency exchanges
All cryptocurrency exchanges in Hong Kong will be required to register with securities regulator, despite not dealing in securities. This was previously optional.
Honestly, all the countries finally talking about Central Bank Digital Currency (CBDC) will make regulations hit hard around crypto currencies. So, this was expected. And countries like Iran adopting bitcoin will only attract more attention of regulators. They won’t let it circulate that freely.
Bitcoin was created to remove bank from the equation. Now it’s time to evolve and move or learn. Atomic swap and total decentralized cryptocurrency exchanges are the future.
Hong Kong will require all cryptocurrency exchanges to be regulated, the city’s Securities and Futures Commission said on Tuesday. The Hong Kong Special Administrative Region government will launch a license for encrypted assets. This was going to happen at some point so better sooner than later. We are sure the Bitmex indictment accelerated the decision. Other jurisdictions are likely to follow.
Infact, Japan and Singapore already have proposed licensing regimes to regulate bitcoin and other altcoins.
Under proposed regulation in Hong Kong, Bitcoin exchanges will have to get licensed and no longer be allowed to sell Bitcoin to end users. This is
— Bitcoin Association 香港比特幣協會 (@bitcoinorghk) November 3, 2020
Welcome to the bull market. Expert say that it is not a bitcoin bull market without a China or a Hong Kong cryptocurrency exchange FUD.