{"id":3820,"date":"2021-05-27T13:52:48","date_gmt":"2021-05-27T12:52:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3820"},"modified":"2021-05-27T13:52:51","modified_gmt":"2021-05-27T12:52:51","slug":"crypto-ban-restricting-trading-to-millionaires-good-for-hong-kong","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-ban-restricting-trading-to-millionaires-good-for-hong-kong\/","title":{"rendered":"Crypto Ban: Restricting trading to millionaires good for Hong Kong"},"content":{"rendered":"\n
The government is right to ban crypto trading in the city, Hong Kong\u2019s<\/a> Treasury Secretary says.<\/h5>\n\n\n\n
\"Crypto<\/figure>\n\n\n\n

Hong Kong\u2019s Secretary for Financial Services and the Treasury\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Christopher Hui, has defended the recent decision by the city\u2019s Financial Services and the Treasury Bureau to ban retail crypto trading.<\/p>\n\n\n\n

In a speech delivered at StartmeupHK virtual fintech summit on Thursday, Hui said that the proposal was in line with the government\u2019s plan to properly police the emerging crypto market.<\/p>\n\n\n\n

As previously reported by Cointelegraph, the FSTB issued a proposal after months of consultation, calling for a ban on retail crypto trading and the establishment of a strict regulatory regime for cryptocurrency exchanges.<\/p>\n\n\n\n

As part of the proposal set to be presented before the city\u2019s legislature, the FSTB argued for a minimum investment threshold for crypto trading at about $1 million. This provision will reportedly\u00a0exclude about 93% of Hong Kong\u2019s population\u00a0from the city\u2019s cryptocurrency market if passed by the government.<\/p>\n\n\n\n

However, Hui is of a different view, stating, \u201cWe are of the view that a proper regulatory system could facilitate development and at the same time protect investors and adhere to international regulatory standards.\u201d According to the Hong Kong treasury chief:<\/p>\n\n\n\n

\u201cImposing mandatory requirements to protect investors, prohibit market manipulation, and guard against money laundering and terrorist financing, we believe the proposed regime will further facilitate the development of the virtual assets industry in Hong Kong, leveraging our world-class regulatory framework.\u201d<\/em><\/p><\/blockquote>\n\n\n\n

Apart from shutting out retail crypto activity, Hong Kong\u2019s restrictive laws may also force exchanges out of the city despite the government\u2019s plan to allow foreign companies to obtain operating licenses in the city.<\/p>\n\n\n\n

Indeed, back in December 2020, when the FSTB was still in the middle of its consultations, several industry stakeholders criticized the planned crypto regulations. At the time, critics argued that these restrictive digital currency laws would be inimical to Hong Kong\u2019s financial innovation agenda.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government is right to ban crypto trading in the city, Hong Kong\u2019s Treasury Secretary says. Hong Kong\u2019s Secretary for Financial Services and the Treasury , Christopher Hui, has defended the recent decision by the city\u2019s Financial Services and the Treasury Bureau to ban retail crypto trading. In a speech delivered at StartmeupHK virtual fintech summit on […]<\/p>\n","protected":false},"author":63,"featured_media":3821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,83,130],"tags":[132,417],"class_list":["post-3820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-bitcoin-news","category-blockchain-news","tag-crypto","tag-hong-kongs"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Bitcoin-China-1-e1621354875484.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3820"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3821"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}