Bitcoin News- Regulators have cautioned cryptocurrency companies to not rely on special therapy.
- The Hong Kong Securities and Futures Commission is focusing on new guidelines.
With regards to creating guidelines for Hong Kong’s cryptocurrency sector, the federal government continues to be quite transparent. Based on the newest data, the Securities and Futures Commission in Hong Kong will shortly publish rules for that cryptocurrency sector.
Regulators in Hong Kong have cautioned cryptocurrency companies to not rely on special therapy because the city prepares to get Asia’s cryptocurrency capital. On Tuesday, May 9, Eddie Yue, Leader from the Hong Kong Financial Authority spoke throughout the Bloomberg Wealth Asia Summit.
Eddie mentioned:
“Our regulation is going to be tight. We’ll allow them to produce the ecosystem here which really brings lots of excitement. However that doesn’t mean light-touch regulation.”
New Framework Going ahead
Beginning on June first, investors in Hong Kong can trade major cryptocurrencies like Bitcoin and Ethereum thanks to a different licensing plan for crypto providers. During the last eight several weeks, Hong Kong continues to be positively promoting cryptocurrency acceptance and reestablishing the region’s status like a global financial center. Yue has issued a stern warning that Hong Kong wouldn’t tolerate any FTX-style event.
The Hong Kong Securities and Futures Commission is focusing on new guidelines for banks to follow along with when confronted with cryptocurrency customers. Yue guaranteed that they’ll soon share their ideas around the extent that individual investors might take part.
Following a severe crypto winter and also the high-profile collapse of crypto exchange FTX in 2022, regulators around the world happen to be debating how to overcome the cryptocurrency sector. I know full well that US government bodies, particularly the SEC have began cracking lower on cryptocurrency companies in recent days.
