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Industry Group Says Hong Kong's Proposed Crypto Rules Could Drive Traders Underground
Hong Kong’s plan to restrict cryptocurrency investment to professionals means retail investors could move to unlicensed venues, said Global Digital Finance.
A cryptocurrency advocacy group has warned that Hong Kong’s proposed rules on digital asset investment could drive traders toward unregulated platforms.
STORY CONTINUES BELOW
- In November, Hong Kong’s Financial Services and the Treasury Bureau (FSTB) said its new framework would put all digital asset exchanges under the oversight of the Securities and Futures Commission and limit trading in cryptocurrencies to professional investors only.
- If implemented, the new regime would encourage retail investors to seek out unlicensed and peer-to-peer platforms, according to Global Digital Finance (GDF), an industry body representing cryptocurrency firms including OKCoin, BitMEX, and Coinbase.
- GDF added this would raise the financial risk for retail investors seeking such alternative trading venues.
- “Restricting cryptocurrency trading to professional investors only is different to what we have seen in other jurisdictions such as Singapore, the U.K. and the U.S., where retail investors can buy and sell virtual assets,” said Malcolm Wright, chairman of GDF’s advisory council, said in a report from the South China Morning Post on Monday.
Read more: Thieves Grab $451K in Cash From Hong Kong Crypto Trader
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
