Foto: Foto/Bitcoin/Reuters
Hong Kong will tighten the rules on digital currency (cryptocurrency) by placing exchange exchanges, traders and other related companies under the supervision of the Securities and Futures Commission or the stock exchange and futures exchange (SFC) authorities.
The rules being drafted by Hong Kong will not be as stringent as those of China. The Bamboo Curtain country has banned all Bitcoin cs transactions carried out both domestically and transactions conducted by Chinese citizens using overseas exchanges.
Hong Kong has developed into a major market seeking funds through the initial coin offering or initial coin offering (ICO). But growing concern over fraud and money laundering has pushed regulators into action.
According to the latest SFC guidelines, each investment fund collection through Bitcoin Cs which amounts to more than 10% of managed assets must get a license from the regulator and the product can only be sold to professional investors.
Exchange markets can also voluntarily test digital currency products or services on the "regulatory sandbox" before deciding to apply for permission or not.
Digital startups who want to raise funds through the ICO must also get permission and meet regulatory requirements. One of the requirements is that projects that raise funds through the ICO have been operating for at least 12 months.
In February, SFC sent a warning letter to seven Hong Kong local exchanges after receiving complaints from investors claiming that they could not withdraw digital money from their accounts.
In March, SFC ordered Black Cell Technology to stop its ICO and accused the company of conducting illegal promotional activities.
The actions of Hong Kong seem to consider the caution voiced by the G20. This leading group of countries is considering setting Bitcoin even tighter..
image source : https://www.cnbcindonesia.com/fintech/20181217174848-37-46792/hong-kong-perketat-transaksi-bitcoin-cs-langkah-mundur
post source : https://www.cnbcindonesia.com/fintech/20181217174848-37-46792/hong-kong-perketat-transaksi-bitcoin-cs-langkah-mundur
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