Exchanges warn that Hong Kong’s crypto retail trader ban could backfire

Crypto industry actors in Hong Kong have been trying to push back against a forthcoming law that would restrict legal cryptocurrency trading to professional investors, locking out 93% of the local population from the market.

In comments to the South China Morning Post published on Feb. 15, industry body Global Digital Finance warned that the proposed law would be likely to push retail traders to embrace unregulated platforms. Global Digital Finance represents cryptocurrency exchanges such as BitMEX, Huobi, Coinbase and OKCoin, and has been at the forefront of industry efforts to push back against the forthcoming legislation.

Hong Kong’s Financial Services and the Treasury Bureau first published the proposal in Nov. 2020, as part of a bid to toughen Anti-Money Laundering and counterterrorist financing measures. The move aligns with efforts to bring domestic regulations into line with recommendations from the Financial Action Task Force, or FATF. 

Yet the Bureau’s proposal exceeds the requirements of the FATF’s framework, echoing instead the tough

The post Exchanges warn that Hong Kong’s crypto retail trader ban could backfire appeared first on Daily Truth Report •

Click this link for the original source of this article.
Author: dev

This content is courtesy of, and owned and copyrighted by, and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact using the email address in the Contact page found in the website menu.

Visit our Discussion Forum at

Follow us:
WP Twitter Auto Publish Powered By :