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Bitcoinist.com


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Regulatory Reboot: Hong Kong to Adjust Crypto Laws in Response to Lawmaker’s Inquiry


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20240704


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Regulatory Reboot: Hong Kong to Adjust Crypto Laws in Response to Lawmaker s Inquiry Regulatory Reboot: Hong Kong to Adjust Crypto Laws in Response to Lawmaker s Inquiry by Samuel Edyme 6 mins ago in Crypto regulation 0 Hong Kong s financial regulators are taking a measured approach to cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта regulations, responding with a constant change to market developments. Christopher Hui, the Treasury chief, recently emphasized the government s strategy of continuously monitoring and adapting crypto-related rules to match the evolving industry. This comes amidst concerns about whether regulatory frameworks could suppress innovation or fail to protect investors adequately . Related Reading: Hong Kong Regulator Issues Fraud Alert On Three Exchanges – Details Evolving Policies and Market Responses The regulatory landscape for cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in Hong Kong is under scrutiny as officials reassess their stance on digital asset management. Christopher Hui s recent statements shed light on the government s intent to adjust regulations as appropriate, ensuring they align with market growth and investor safety. This approach aims to create a balanced regulatory environment that nurtures innovation while safeguarding participants against the market s volatility and potential risks. The catalyst for these reassurances was a parliamentary inquiry into whether there would be an acceleration in the crypto licensing process and a relaxation of distribution rules for crypto assets by intermediaries. Hui clarified that existing licensed corporations or registered institutions have the autonomy to distribute crypto-related products after a simple notification to regulators, bypassing the need for modified licensing conditions. However, the situation remains tense as several global exchanges have retracted their licensing applications, a move prompted by rigid regulatory deadlines. For instance, renowned platforms such as OKX and Gate.io withdrew from the licensing process in anticipation of the Securities and Futures Commission s (SFC) new mandate, which requires all crypto trading platforms in Hong Kong to be licensed by June 1. Regulatory Warnings and Future Outlook Before this development, the Hong Kong Securities and Futures Commission (SFC) had recently issued warnings about three firms engaged in unauthorized virtual asset activities. On June 28, the SFC highlighted Tokencan, which allegedly restricted investor withdrawals and provided false registration information . Additionally, VBIT Exchange was accused of operating without a license and falsely claiming registrations with local authorities. HKD.com Corporation was similarly flagged for misleading investors about its legitimacy and hindering withdrawals. The warnings come as Hong Kong aims to be a frontrunner in the fintech sector, focusing on decentralized finance (DeFi) and the Metaverse. A study by the Hong Kong Institute for Monetary and Financial Research highlighted significant growth in the DeFi sector , with its market cap rising from $6 billion in 2021 to over $80 billion in 2023. Related Reading: Is Hong Kong the Next Big Thing in Crypto? DeFi and Metaverse Plans Unveiled Despite this growth, DeFi remains a relatively untapped area in Hong Kong, with only a small fraction of local crypto businesses engaging. Meanwhile, interest in the Metaverse among financial institutions is high, though actual involvement is still developing. The global crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com Featured image created with DALL-E, Chart from TradingView

============= Итог:
2,6641 ; Экономика#Финансы#Платежные средства#Платежные системы интернета
	#Криптовалюта