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.
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.