HONG KONG REGULATOR: “WE WILL CONTINUE WITH THE POLICE” CRYPTO EXCHANGE AND SELL

Hong Kong’s financial regulator promised Friday to keep the crypto-currency of the “police” and “ICO” markets as a new warning for potential investors. Ashley Alder said in a statement by Territorial Securities and Future Commissions (SFC) that after polling suppliers and ICO exchanges, “market professionals” should also play their part in ensuring legitimacy and exchange of tokens. This reflects similar feelings of the US regulator, the Securities and Exchange Commission (SEC) in December.

“We will continue to manage the market and maintain it as needed,” he said. “But we also call on market experts to conduct proper controls to prevent fraud or suspicious collection of funds and to help ensure compliance with the law.” Hong Kong sought to strike a balance between enjoying and protecting the investor in terms of cryptovalue and ICO regulation.

Unlike mainland China, where crypto-commerce and CPO are de facto banned, legislators have adopted a bad approach, with the SFC sending warnings, not restrictions before the Chinese ban in September 2017. The result was a stock cryptographic scene in Hong Kong, with the important international cryptographic exchange of Bitfinex among the most famous residents. Binance, currently the second largest crypto market in the world by volume of activity, has also been established, despite the fact that CEO Zhao Changpeng decides to be present in various countries.

While China wants to stop the network of remaining voids in the course, chances for Hong Kong in the meantime remain similar to the previous, insidious SFC. “If investors can not fully understand the risks of cryptoscopes and ICOs or are not prepared to make a significant loss, they should not invest,” says Julia Leung, executive director of the organization’s brokers, focusing on the responsibility of the investor.