fbpx
QQQ
+ 2.45
314.44
+ 0.77%
DIA
+ 4.04
332.15
+ 1.2%
SPY
+ 4.46
401.25
+ 1.1%
TLT
+ 0.21
135.39
+ 0.15%
GLD
+ 0.70
169.74
+ 0.41%

Hong Kong To Issue Cryptocurrency Trading Regulations

November 6, 2019 5:54 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Hong Kong To Issue Cryptocurrency Trading Regulations

Hong Kong’s Securities and Futures Commission (SFC) will publish new regulations for digital currency exchange desk in the city, Reuters reports.

What It Means

The guidelines will allow the exchanges to operate in the autonomous region under China within a legal framework. They will be regulated by the Securities and Futures Commission (SFC).

In a first, the SFC published guiding frameworks for both cryptocurrency investors and trading platforms in Oct. 2018.

The new framework will include guidelines on know-your-customer (KYC) requirements, which deals with the verification of users trading on the exchange desks. 

They will also cover rules related to the custody and storage of cryptocurrency assets, Alder said at the event, according to Reuters.

Why It Matters

The lack of regulations previously forced many prominent exchanges out of the city, including Binance, which went on to become the world’s largest cryptocurrency trading desk by daily volume at one point, in a meteoric rise.

As Hong Kong hit a recession in the third quarter this year, Bitcoin trading volume spiked to an all-time high in the city, data from Coin Dance shows.

In mainland China, all cryptocurrency trading remains illegal since Sept. 2017.


Related Articles

Coinbase Shares Rise On Q1 Revenue, To Offer Dogecoin In 6 To 8 Weeks

Coinbase Global Inc (NASDAQ: COIN) had its first quarterly earnings report as a publicly-traded company Thursday after market close. read more

Fintech Focus For May 14, 2021

Quote To Start The Day: “The way to get started is to quit talking and begin doing.” read more

Tesla Stops Taking Bitcoin. What Elon Musk Is Up To And Why He Will Likely Transition To Ethereum

Meme via the Portfolio Armor art department and Imgflip.  Elon Musk Discovers Bitcoin Mining Burns Coal read more

These Big Money Players Have Put Bitcoin On The Balance Sheet

The rise in acceptance of Bitcoin (CRYPTO: BTC) as a major store of value and payment option has been influenced by major corporations adding the cryptocurrency  to put a portion of its cash reserves into cryptocurrency. Benzinga could earn up to 6% per annum on its crypto holdings. read more