The financial watchdog in Hong Kong, has today published new rules for cryptocurrency exchanges – Breaking News

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.’

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.

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.

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.