The financial supervisory authority of Hong Kong will be up later today, new frameworks for media and crypto exchanges, according to its Chief Executive, Ashley Alder, at a fintech conference in the city.
Continued from a year ago
The rules cover such matters as custody, KYC (know your customer), and for the storage of cryptocurrency.
Alder is the head of the Securities and Futures Commission (SFC) of Hong Kong. He announced a year ago, for the first time to Hong Kong, the rules need to adapt to the computer industry. That’s what she did in the previous edition of the Fintech Week in Hong Kong. They spoke at the time to have a “sandbox” for cryptocurrencybeurzen. So, legislators, and representatives from the computer industry in different ways to discuss how to oversee the digital currency.
She said: “It will be possible to create a virtual activahandelplatforms to be regulated by the SFC, one of the important developments that are built in a way that I was last year at the same time, I suggest.’
BREAKING: Hong Kong’s securities regulator is releasing new guidance for legalizing crypto exchanges.
China/Hong Kong and are not playing around.
They are going ALL-IN on this new industry.
Pump 🌪 (@APompliano) On November 6, 2019
Why is it important?
Two years ago issued an injunction against the government to trade in the cryptocurrency. Most of the computer users out of China and moved to Hong Kong to continue their work. A lot of Chinese investors to trade in the cryptocurrency via the over-the-counter (OTC) trading platforms in Hong Kong, where they use mostly stablecoins, such as Tether (USDT) front. This will be a small premium to be bought and sold.
The new directive is expected to have a positive impact on most of the stock markets in Hong Kong, such as Huobi. All of these scholarships can be even more products and services to offer to the investors from the Chinese mainland.
Huobi is an effective Chinese exchange run by a Chinese team, locally, in the mainland serves primarily to Chinese customers
They spent huge effort to re-structure into a “foreign company,” after the 2017 China-computer-ban
And the cost of the Hkex shell, it is not cheap too
— Airlines 以德服人 Wan 🗝 🦖 (@DoveyWan) on November 6, 2019
A blueprint for the rest of the world
It could also mean that it would be more practical, safer, and more reliable, it is important for all investors to bitcoin and other cryptocurrency to buy them. For now, we have to wait and see how the regelgevingkader it out in detail is going to be like. We will keep you up to date with the updates provided in this article.
If the new rules are positive for both Hong Kong and, if the crypto-community, then this could be the blueprint for a number of countries.