Hong Kong orders all the unregistered crypto firms to end business if…

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Hong Kong securities regulatory body once again published a warning message to all those crypto exchanges which are operating services without registration or application submission with the body.

Hong Kong is a special administrative region of China but Hong Kong is highly isolated from the Chinese rules & laws. As we know Crypto has been fully banned in mainland China since Dec 2021 but people in Hong Kong are allowed to trade cryptocurrencies on the regulated crypto exchanges of the country. 

On 5 Feb 2023, The Securities and Futures Commission (SFC) published a warning message to all the unregistered crypto exchanges & Crypto investors.

The SFC body urged the citizens to check whether they are trading on those crypto trading platforms which are on the list of SFC or not.

Further, the SFC body warned all the crypto trading service provider platforms which failed to submit their registration application with Hong Kong to apply with the SFC before 29 Feb 2024. 

As per the order, if any crypto exchange fails to comply with the rule, or fails to register, then they need to wind down their crypto-related business activities from Hong Kong jurisdiction.

Interestingly, the SFC body also confirmed that the crypto companies which are not in the mood to register will get a 3 months period to end their business in step-by-step phases, from now.

Crypto & Blockchain employment in China 

However, crypto is fully prohibited in mainland China but still, people are free to go to Hong Kong to get jobs related to the Crypto & blockchain business.

In short, crypto adoption by Hong Kong is a type of opportunity for the Chinese population to get employment. 

Reportedly many people from mainland China visit Hong Kong to trade cryptocurrencies, which is unethical & illegal as per the laws of China. 

In Q4 2023, Chinese media reported that many people in the country use Telegram to trade crypto assets as well as in illegal activities e.g. drug dealing. 

Read also: South Korea will talk on “Bitcoin spot ETF” with the American securities regulatory body