Bitcoin

The Hong Kong Bitcoin Association warns that new laws will restrict people’s access to Bitcoin

The Hong Kong Bitcoin Association is calling on regulators to consider the impact of incoming laws on the city’s digital innovation agenda. The Hong Kong government announced in November plans to ban retail cryptocurrency trading as part of a broader anti-money laundering campaign.

According to the South China Morning Post on December 24th The proposed crypto rules could also be extended to Bitcoin ATMs.

In a consultation paper released in November, the Financial Services Bureau and Treasury Department announced that it also had plans to regulate Bitcoin ATMs. CoinAtmRadar data shows that Hong Kong has 62 bitcoin ATMs.

The Hong Kong Bitcoin Association warns that new laws will restrict people’s access to Bitcoin
The Hong Kong Bitcoin Association warns that new laws will restrict people’s access to Bitcoin

Talk to SCMP Leo Weese, Co-founder of the association, argued against the proposed crypto rulesin the following words:

“Restricting people’s access to bitcoin would go beyond the government’s goals of promoting innovation and financial inclusion.”

If approved, The new regulatory system would significantly expand the cryptocurrency licensing architecture in the city. Currently, The Hong Kong Securities and Futures Commission only requires registration for exchanges where crypto-securities or futures products are added.

beginning of December The Fidelity-supported digital asset platform OSL received an official license from Hong Kong SFC. The news ended the previous announcement by the SFC in August, in which at that time it was agreed in principle to issue a license to OSL pending investigative proceedings.

The proposed laws also reflect some of the stricter mandates in mainland China. where cryptocurrency trading is prohibited. There are several major crypto trading services in Hong Kong. including Bitfinex and FTX as well as others like OKEx and Huobi have regional offices in this area.

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