Hong Kong regulators set to ban retail Bitcoin trading

Hong Kong regulators have moved to ban retail trading in Hong Kong after months of intense hypothesis a couple of possible prohibition.

According to a report by Reuters on Friday, the Financial Services and the Treasury Bureau of Hong Kong has launched the outcomes of its session on a attainable retail crypto trading ban, which started again in November 2020.

As a part of its conclusions, Hong Kong’s FSTB referred to as for a complete licensing regime for crypto exchanges whereas limiting trading solely to certified traders. Per Hong Kong regulation, solely people with portfolios value eight million Hong Kong {dollars} (about $1 million) qualify as skilled traders.

For the FSTB, the retail crypto trading ban is critical a minimum of within the early phases of the great crypto licensing regime. The FSTB reportedly plans to current its conclusions earlier than legislators in Hong Kong to facilitate the passage of the proposal into regulation.

If handed, the proposed licensing regime may even substitute the present opt-in paradigm for crypto exchanges within the metropolis.

By limiting crypto trading in Hong Kong to individuals with portfolios value a minimum of $1 million, the FSTB is doubtlessly excluding up to 93% of the city’s population from gaining entry to cryptocurrencies.

Several stakeholders in Hong Kong’s vibrant crypto trade have expressed their dissatisfaction with the plan previously, arguing that the transfer was inimical to the government’s goal of encouraging financial innovation.

In one other associated improvement, Hong Kong’s authorities is reportedly planning to empower town’s Securities and Futures Commission to withdraw the licenses of already licensed crypto exchanges.

Tweeting on Friday, Chinese crypto media outlet 8BTC News revealed that the SFC might quickly be given the ability to train the best at will.

Back in November 2020, the SFC introduced a proposal to expand its crypto oversight responsibilities past safety tokens to cowl all digital asset service suppliers.

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