RATE Group | Hong Kong to Propose Regulation for Cryptocurrency Trading
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Hong Kong to Propose Regulation for Cryptocurrency Trading

16 Oct Hong Kong to Propose Regulation for Cryptocurrency Trading

Posted at 03:14h in Cryptocurrency News by

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Hong Kong’s financial watchdog is looking to tighten investor protection by regulating cryptocurrency trading platforms.

The Securities and Futures Commission (SFC), however, is limited by its legal regulatory reach of securities only, according to Carlson Tong Ka-shing, the outgoing chairman.

Outgoing SFC Chairman Says Ban on Cryptocurrency Trading “Will Not Work in Today’s Internet World”

In his last interview before leaving the SFC, Ka-shing told the South China Morning Post that a ban on cryptocurrency trading “will not work in today’s internet world when trading can cross national boundaries. Even if we were to ban them, transactions can still be easily conducted via platforms in overseas markets.”

Taking a completely different stance from Mainland China’s full ban on digital currency trading, the SFC has only issued warnings of caution to investors.

However, as the market grows within the retail and institutional trading frames, the regulator faces increased…

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