Hong Kong crypto group warns new law will restrict people’s access to Bitcoin

The Bitcoin Association of Hong Kong is attracting regulators to consider the effect of incoming laws on the citys digital development program. In November, Hong Kongs federal government revealed strategies to prohibit retail cryptocurrency trading as part of a broader money laundering crackdown.According to the South China Morning Post on Dec. 24, the proposed crypto regulations might likewise encompass Bitcoin automated teller makers. In a consultation paper released in November, the Financial Services and Treasury Bureau revealed that it also had plans to manage Bitcoin ATMs. Data from CoinAtmRadar shows Hong Kong is house to 62 Bitcoin ATMs.Speaking to SCMP, Leo Weese, co-founder of the association, argued versus the proposed crypto guidelines, mentioning: “To limit retail people from accessing Bitcoin would be overshooting the federal governments objectives of promoting development, and financial inclusion.” If passed, the new regulatory routine would substantially expand the citys crypto licensing architecture. Currently, the Hong Kong Securities and Futures Commission just mandates registration for exchanges that list crypto securities or futures products.Earlier in December, Fidelity-backed digital possessions platform OSL was officially accredited by the Hong Kong SFC. The news completed the SFCs previous statement in August agreeing in principle at the time to provide OSL a license pending a vetting process.The proposed laws also echo a few of the stricter requireds in place in mainland China where crypto trading is restricted. Hong Kong is house to several major crypto trading services consisting of Bitfinex and FTX, with others like OKEx and Huobi keeping local workplaces in the territory.Title: Hong Kong crypto group cautions brand-new law will limit peoples access to BitcoinSourced From: cointelegraph.com/news/hong-kong-crypto-group-warns-new-law-will-restrict-people-s-access-to-bitcoinPublished Date: Thu, 24 Dec 2020 13:00:00 +0000

Jeannine Cruz

Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.

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