Hong Kong’s Financial Authorities Ready To Response On Crypto Legislative Proposals
Hong Kong’s Financial Services Development Council is including all the responses that they got from industry feedback on the government’s legislative proposals related to crypto assets & crypto assets related services. And also they are Ready To Response About Crypto Legislative Proposals.
Hong Kong’s Financial Services and the Treasury Bureau presented their report on cryptocurrency after three month investigation & consultation. The report by Financial services was regarding the procedure to halt anti money laundering activities, counter-terrorist funding activities and other crypto related criminal activities that are possible with the use of cryptocurrency.
The Financial Action Task Force of Hong Kong suggested regulating the cryptocurrency market & cryptocurrency related services under particular rules. And also it is expected that government entities will introduce a bill based upon this proposal in Legislative Council’s 2021-22 session.
Proposal seems to be much restrictive for non Hong-Kong crypto exchanges because this Proposal on crypto includes a restriction rule that doesn’t give permission (VASP licenses) to any foreign crypto exchange to operate their services or they should move from Hong Kong.
It should be noted here, In Hong-Kong there is a ban on retail Trading where people who have funds less than US$1.03 million will be considered as retail traders and can’t do crypto trading. Since this ban was recently applied by the Hong-Kong authorities to keep their citizens in a safe zone.
Related: Hong Kong Retail investors will not be allowed to trade cryptocurrencies
No doubt many citizens are disappointed with the retail Trading ban and they want the government should revisit their stance and revoke the retail trading ban.
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