Hong Kong landlords stated about the local crypto businesses license which is required to have from the local regulators & are restricting the businesses to offer their services for expert traders.
In the present time, all the citizens of Hong Kong are not allowed to trade crypto assets. There is restriction on the citizens to trade. Only wealthy people can trade with a high amount of funds.
Read also: Hong Kong Retail investors will not be allowed to trade cryptocurrencies
Hong Kong land leased their property for the HashKey Group firm to operate their crypto business. Hong Kong landlords followed the clarity around cryptocurrency regulations in Hong Kong.
Hong Kong Land is a property landlord of Hong Kong and HashKey is a crypto-asset firm in Hong Kong.
The director of Hongkong Land, Neil Anderson, said that the decision to give land property on lease for the crypto companies is reliant on the crypto regulations rules, which is set by the Securities and Futures Commission (SFC)
“The SFC’s recent decision to regulate digital asset exchanges in Hong Kong gives us confidence that this new asset class has a regulatory framework, and therefore a future within the finance industry.”
In the present time, local crypto businesses require licenses and are also restricted to offer their services for the crypto trading experts only.
Well here, we can’t say clearly whether the rules of Hong Kong regulators are right or not from the point of view of Hong Kong crypto players, because there are mixed reviews on the retail crypto trading ban.
However Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, defended the retail trading ban and said that it was mandatory to prohibit the illegal funding through crypto and also the ban is helpful to prevent market manipulation, money laundering.
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