Hong Kong’s Outgoing SFC Chairman Ponders Regulation for Exchanges

Hong Kong’s Outgoing SFC Chairman Ponders Regulation for Exchanges

Carlson Tong Ka-shing tells South China Morning Post a complete ban on cryptocurrency platforms will not be the appropriate move in the internet era

Banning such platforms will only compel its citizens to look for alternative solutions in foreign markets.

The Securities and Futures Commission (SFC) leadership will exchange hands on 19 October. Tong Ka-shing, the exiting chairman, says the agency’s reach extends to securities only; these new assets may not meet the considerations of a security. He continues that the regulating body has to understand how digital platforms can be regulated to a criterion akin to legal trading venues.

SFC Warnings

In recent months, the SFC gave out warnings for traders to be cautious in trading on unregulated exchanges. The regulating body also warned operators to act in accordance with on-hand SFC regulations.

Proposals for Hong Kong Crypto Regulation Receives a Warm Welcome

Domestic cryptocurrency exchange firms welcomed the news with good graces. Angelina Kwan of BitMEX and Jeremy Allaire of Circle are hopeful they can work with the SFC on proposed cryptocurrency regulations.

Related news

Hong Kong, Thailand Central Banks Partner up on Digital Currency Initiative

By CCN: In an attempt to spur collaboration between both regulatory bodies in Fintech and intriguingly a central bank digital currency, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have signed a Memorandum of Understanding (MOU). The MOU, which was signed in Basel on Monday enables both regulators to work together on joint innovation projects, as well as share information, experience and referrals regarding disruptive Fintech businesses. Central Bank Digital Currency One key area of collaboration which both parties look forward to working on is a joint project on the issuance of Central Bank Digital Currency The post Hong Kong, Thailand Central Banks Partner up on Digital Currency Initiative appeared first on CCN
CCN

Hong Kong and Thai Authorities Sign Fintech MoU

The Hong Kong Monetary Authority (HKMA) has signed a memorandum of understanding with the Bank of Thailand (BOT), in a bid to promote financial technology (fintech) collaborations between the two regulators, according to a Crowdfund Insider report on May 14, 2019. The Basel Connection Per sources close to the matter, the Hong Kong Monetary AuthorityRead MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.