Hong Kong’s financial regulator will publish new frameworks for crypto exchanges later today, said Chief Executive Ashley Alder at a fintech conference in the city.
BREAKING: Hong Kong’s securities regulator is releasing new guidance for legalizing crypto exchanges.
China / Hong Kong are not playing around.
They are going ALL-IN on this new industry.
– Pump ? (@APompliano) November 6, 2019
The rules include custody, KYC (know your customer) and the storage of cryptocurrency.
Alder is the head of the Securities and Futures Commission (SFC) of Hong Kong. He first announced a year ago that Hong Kong had to adjust their rules for the crypto industry. She did that at the previous edition of Fintech Week in Hong Kong. At the time, she discussed a “sandbox” for cryptocurrency exchanges. This allows lawmakers and representatives from the crypto industry to discuss ways of monitoring digital currencies.
She says: “The framework will make it possible to regulate virtual asset trading platforms through the SFC, an important development that builds on in a way that I outlined at the same time last year.”
BREAKING: Hong Kong’s securities regulator is releasing new guidance for legalizing crypto exchanges.
China / Hong Kong are not playing around.
They are going ALL-IN on this new industry.
– Pump ? (@APompliano) November 6, 2019
Two years ago, the Chinese government banned the trade in cryptocurrency. Most crypto traders from China have moved to Hong Kong to continue their work there. Many Chinese investors trade in cryptocurrencies via over-the-counter (OTC) trading platforms in Hong Kong, for which they mainly use stable coins such as Tether (USDT). These are bought and sold with a small premium.
The new directive is expected to have a positive effect on most exchanges in Hong Kong such as Huobi. All of these exchanges can now offer even more services and products to mainland Chinese investors.
Huobi is an effective Chinese exchange – run by Chinese team locally in mainland serving primarily Chinese customers
They spent a huge effort to re-structure into a “foreign company” after the 2017 China crypto ban
And the cost of the Hkex shell is not cheap too
– Dovey 人服人 Wan ? ? (@DoveyWan) November 6, 2019
It could also mean that it becomes more practical, safer and more reliable for investors to buy bitcoin and other cryptocurrency. For now it remains to be seen what the regulatory framework will look like in detail. We will keep you informed with updates in this article.
And should these new rules work out well for both Hong Kong and the crypto community, then this can sometimes become the blueprint for several countries.
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