The Hong Kong Government Has Rained on Bitcoin’s Parade
5 Nov 2020 — September was a huge display of #bitcoin especially in HK, and I mean literally. A massive Bitcoin ad campaign was launched in the heart of financial district, featuring 3 Bitcoin trams and 20 matching billboards. It is a community initiative coordinated by The Bitcoin Association of Hong Kong with the goal to foster and promote bitcoin and its technology.
Two weeks following the announcement of a ban on the sale of crypto derivatives to retail clients by the U.K.’s Financial Conduct Authority (FCA), the Hong Kong government is following suit to ban retail investors from trading in cryptocurrency and force exchange operators to obtain licences, instead of the current Securities and Futures Commission approach of letting the providers decide if they want to be regulated.
“The government’s plan will only serve to push talent and companies out of Hong Kong,” said Bryan A. Cheung☁️, president of the association.
While the SFC’s rationale of the ban is debatable, the proposed regulation would spell the end of an era of largely unregulated trading of #digitalassets. What’s for certain is this will be a setback for HK in keeping its pace with Singapore to be Asia’s number 1 #crypto and #blockchain hub.