The Currency Analytics
By Steven Anderson
The Securities and Futures Commission will oversee Hong Kong tightening the regulations of cryptocurrencies.
Hongkong has comparatively relaxed rules concerning digital currencies. Mainland China has harder rules, and all the crypto-related transactions that are performed on a…
The SFC has laid down guidelines that require that the investment fund will need to be licensed if more than 10% of the assets are made up of Bitcoin or other types of…
There is a voluntary scheme that permits exchanges to be able to test the different types of virtual currency products and services.
The current regulations are to be implemented instages. Thus the companies will be able to issue ICOs for those tokens that are in compliance with the SFCs guidelines.
One of the guidelines requires that the token should have existed nearly 12 months.
Warning letters were sent to nearly 7 local exchanges after the SFC received complaints from investors stating that they were not able to withdraw their funds from their accounts.
A company by the name Black Cell Technology was required by SFC to stop its ICOs and following the order in March the company was charged for organizing promotional activities…
The regulatory attitude of Hong Kong is a growing trend among several other countries as well.
Daisuke Yasaku from the Daiwa Institute of Research stated that Hong Kong is the major financial center linked to Mainland China.
The design of the cryptocurrency platform will be considered in determining whether the exchange should report on a regular basis to the authority for periodic inspections and…
The requirements of the SFC initiative will prove very burdensome for some operators, and eventually, some might not want to join the new framework in order to sustain their…