Hong Kong Plans To Legalize Retail Crypto Trading To Become Hub (bloomberg.com) 16
An anonymous reader quotes a report from Bloomberg: Hong Kong is pivoting toward a friendlier regulatory regime for cryptocurrencies with a plan to legalize retail trading, contrasting with the city's skeptical stance of recent years and the ban in place in mainland China. A planned mandatory licensing program for crypto platforms set to be enforced in March next year will allow retail trading, according to people familiar with the matter, who asked not to be named because the information isn't public. Regulators are seeking to allow listings of bigger tokens but won't endorse specific coins like Bitcoin or Ether, the people said, adding the details and timetable have yet to be finalized as a public consultation is due first.
The government is expected to flesh out its recently stated goal of creating a top crypto hub at a fintech conference starting Monday. The push comes amid a broader drive to restore Hong Kong's credentials as a finance center after years of political turmoil and Covid curbs sparked a talent exodus. [...] The upcoming regime for listing tokens on retail exchanges is likely to include criteria such as their market value, liquidity and membership of third-party crypto indexes, the people familiar said. That's similar to the approach for structured products such as warrants, they added. "Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do," said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. "They can't forever effectively close the needs of retail investors."
The government is expected to flesh out its recently stated goal of creating a top crypto hub at a fintech conference starting Monday. The push comes amid a broader drive to restore Hong Kong's credentials as a finance center after years of political turmoil and Covid curbs sparked a talent exodus. [...] The upcoming regime for listing tokens on retail exchanges is likely to include criteria such as their market value, liquidity and membership of third-party crypto indexes, the people familiar said. That's similar to the approach for structured products such as warrants, they added. "Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do," said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. "They can't forever effectively close the needs of retail investors."
How is that going to work (Score:5, Interesting)
Seeing as China has declared all crypto transactions illegal ?
https://www.bbc.com/news/techn... [bbc.com]
Re: (Score:3, Interesting)
Seeing as China has declared all crypto transactions illegal ?
The PRC mainland and HK have separate legal systems.
The CCP sometimes interferes, but only for serious matters like advocating for democracy, a subversive practice that can lead to demands for separatism if not carefully managed.
Re: (Score:3, Funny)
Separate, yes, exactly! Cough, wheeze, giggle....
Re: (Score:2)
> Separate, yes, exactly! Cough, wheeze, giggle....
What's hard to understand? What's legal in Florida may or may not be legal in Oregon, right? This is similar. And just as in the case where the states have different laws, but are ultimately brought to heel whenever one does something Washington doesn't approve of, Beijing can force their will on Hong Kong on anything they consider important.
Re: (Score:1)
No the states can not be brought to heel by the federal government at will.
That is incorrect.
We have a constitution and a Supreme Court which has many times told the feds they have over reached and reminded them that states still have rights.
Which is exactly the opposite of China/HK where HK has only the privileges that CCP allows and nothing more and no place to protest CCP decisions.
Completely and utterly different. Please read the constitution.
Re:How is that going to work (Score:5, Informative)
As an American, it’s hard for me to criticize China for breaking their obligations to Hong Kong. I dont think my country bothered to honor a single treaty we signed with the Native Americans, and we signed a LOT of them.
But let’s be clear-eyed about HK. It’s a part of China, which has one single legal system. In fact, the entire system has one single law: Xi is the law. It’s that simple.
Re: (Score:1)
Thank you for your glorious input Comrade.
+5,000 Social Credit.
Re: (Score:3)
Glug glug glug.... (Score:4, Insightful)
Even if the CCP doesn't shut this craziness down, they're screwed anyway when crypto tulips completely collapse.
The beginning (Score:2)
Historians will look back on this and refer to it as "The Beginning of The End" after the "Hub" gets hacked (or crashes) and a gazillion bajillion trillion xCoin dollars go *poof* into the void.
No one, including China, has an extra $500 trillion laying around to cover an oopsie like that.
If China isn't able to cover the losses, they'll default, and most if not all of the rest of the world's economies would also go down one after another like dominoes. If China suddenly has a severe financial implosion, the
Where do those crypto stories come from? (Score:2)
I've been monitoring the firehose the past couple days for anything that could be crypto related, but nothing... yet we get one crypto story after another.
Are the editors sitting on a mountain of crapcoins and try to pretend there's still interest in and hence a market for that shit?
Re: Where do those crypto stories come from? (Score:2)
Anger = engagement.
So lets call dog whistle articles job security.