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Hong Kong's proposed crypto rules could drive traders away

Tuesday 16 February 2021 10:25 CET | News

A cryptocurrency advocacy group has warned that Hong Kong’s proposed rules on restrict cryptocurrency investment could drive traders toward unregulated platforms.

In November 2020, Hong Kong’s Financial Services and the Treasury Bureau (FSTB) said its new framework would put all digital asset exchanges under the oversight of the Securities and Futures Commission and limit trading in cryptocurrencies to professional investors only.

If implemented, the new regime would encourage retail investors to seek out unlicensed and peer-to-peer platforms, according to Global Digital Finance (GDF), an industry body representing cryptocurrency firms including OKCoin, BitMEX, and Coinbase.

GDF added this would raise the financial risk for retail investors seeking such alternative trading venues.

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Keywords: Hong Kong, crypto trading, crypto regulation, cryptocurrency investment, FSTB, digital assets, GDF
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Hong Kong
This article is part of category

Blockchain & Cryptocurrencies