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Bitcoin Association Of Hong Kong Appeals To Regulators To Consider The Impact Of Incoming Laws On It

Report said that the Bitcoin Association of Hong Kong is appealing to regulators to consider the impact of incoming laws on the city’s digital innovation agenda.

It has been reported that in November, Hong Kong’s government announced plans to ban retail cryptocurrency trading as part of a broader money laundering crackdown.

However, he proposed crypto regulations could also extend to Bitcoin automated teller machines.

The Financial Services and Treasury Bureau revealed that it also had plans to regulate Bitcoin ATMs. Data from CoinAtmRadar shows Hong Kong is home to 62 Bitcoin ATMs.

Hong Kong #Bitcoin Association says new crypto regulations hamper innovation and financial inclusion — Cointelegraph (@Cointelegraph) December 24, 2020

Leo Weese, the co-founder of the association, said:

“To restrict retail individuals from accessing Bitcoin would be overshooting the government’s goals of promoting innovation, and financial inclusion.”

Likewise, if passed, the new regulatory regime would significantly expand the city’s crypto licensing architecture.

Thus, the Hong Kong Securities and Futures Commission only mandates registration for exchanges that list crypto securities or futures products.

Source: Cointelegraph



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