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Learning & News => News related to Crypto => Topic started by: sirty143 on March 06, 2024, 01:23:24 PM

Title: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: sirty143 on March 06, 2024, 01:23:24 PM
Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by June

Unlicensed cryptocurrency platforms will not be allowed to operate in Hong Kong starting next June, according to the Securities and Futures Commission (SFC). The commission closed the period for these institutions to introduce their applications... See more for yourself here (https://news.bitcoin.com/hong-kong-reiterates-unlicensed-cryptocurrency-platforms-will-be-expelled-by-june/).

Your opinion is greatly appreciated.
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: Aanuoluwatofunmi on March 06, 2024, 09:00:11 PM
Quote from: sirty143 on March 06, 2024, 01:23:24 PM
Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by June

Unlicensed cryptocurrency platforms will not be allowed to operate in Hong Kong starting next June, according to the Securities and Futures Commission (SFC). The commission closed the period for these institutions to introduce their applications... See more for yourself here (https://news.bitcoin.com/hong-kong-reiterates-unlicensed-cryptocurrency-platforms-will-be-expelled-by-june/).

Your opinion is greatly appreciated.

I still don't know why the governments are tsking more control measures on exchanges, well, i don't blame them, many of these exchanges as well have been involved in launching many of these shitcoins, which have constitute majorly on the predicament on investors in loosing their money, being under the government regulation is not what will be of advantage to many of these exchanges because they will be taxed inevitably.
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: yhiaali3 on March 06, 2024, 09:20:42 PM
Quote from: Aanuoluwatofunmi on March 06, 2024, 09:00:11 PM
I still don't know why the governments are tsking more control measures on exchanges, well, i don't blame them, many of these exchanges as well have been involved in launching many of these shitcoins, which have constitute majorly on the predicament on investors in loosing their money, being under the government regulation is not what will be of advantage to many of these exchanges because they will be taxed inevitably.
I am against centralized exchanges because they are unsafe, so I am in favor of the government imposing strict control on centralized exchanges. At least users will be guaranteed to get their money back in the event of any problem such as hacking, bankruptcy, fraud, or the like.

Whereas if central exchanges are not subject to government supervision, your money will be at risk of being lost at any moment without you even being able to file a complaint.

It is better and safer to stay away from central exchanges and not store large amounts of money on them and use them to do only some trades and transfers.
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: Gurujebs on March 06, 2024, 09:26:14 PM
Quote from: sirty143 on March 06, 2024, 01:23:24 PM
Unlicensed cryptocurrency platforms will not be allowed to operate in Hong Kong starting next June, according to the Securities and Futures Commission (SFC). The commission closed the period for these institutions to introduce their applications... See more for yourself here (https://news.bitcoin.com/hong-kong-reiterates-unlicensed-cryptocurrency-platforms-will-be-expelled-by-june/).

Your opinion is greatly appreciated.
This people has started their hunt down of crypto platforms again. This was the same state in China that was trying to make a change for Bitcoin to be allowed back into the country but I know it were all gimmick talks and lies, these people will not allow crypto o flourish under there watch and it's embarrassing that it's their citizens that loves cryptocurrency the most among all other countries.

I think all these ban and hunt is good, they should do what they want to do now and not when all the coins has gone up to later come with their FUD that will cause panic sell in th market.

Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: robelneo on March 08, 2024, 07:03:51 PM
This is to protect their people from scams and platforms that will not properly address issues by their users, we are doing the same thing here in our country this is to fight scams and make the platform responsible for their actions in case users from our country face problems about their account and trading, if the platform is legit they will allow themselves to be regulated it will also add reputation on their platform if they are license to operate.
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: paid2 on March 08, 2024, 10:02:22 PM
It would be naive to believe that regulations are primarily designed to protect investors. Sometimes this is the case, as was the case in Europe some time ago, but I have the impression that 99% of regulations are for AML and CTF...
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: Z-tight on March 08, 2024, 10:03:31 PM
This is a normal thing for the government, they demand that these services register and receive the license to operate and render their services in their jurisdiction. If the exchange reviews their regulations and they think they cannot comply, they have to stop their operation. I will love to see how many exchanges would receive the license to operate in Hong Kong by June, from the article, only two services have been licensed so far.
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: electronicash on March 08, 2024, 10:20:48 PM

same reason why governments are taking control of the banks which i guess these exchanges are like banks in crypto space.
Hongkong is China so its not surprising that Chinese government are also trying to make the market centralized and governed by the CCP.  exchanges is no different from any kind of business.

you can be sure that the data gathered by the exchanges in Hongkong are collected by the Chinese government.
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: Zed0X on March 09, 2024, 07:44:20 AM
Quote from: paid2 on March 08, 2024, 10:02:22 PM
It would be naive to believe that regulations are primarily designed to protect investors. Sometimes this is the case, as was the case in Europe some time ago, but I have the impression that 99% of regulations are for AML and CTF...
Well, they are going to tell people, who uses these platforms, anything that's directly beneficial to them that's why the common reason is for investor protection. However, they have been vocal on their anti-money laundering and anti-terrorism campaigns which also targets centralized exchanges, mixers, and other platforms.
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: joniboini on March 09, 2024, 09:22:42 AM
In my country, the government already provided a list of registered exchanges and blocked access to most overseas services. Not sure how effective their protection will be since no case shows registered users can get insurance protection/get their money back if a registered exchange goes bankrupt. I'm pretty sure some people still use overseas exchanges anyway since they have better liquidity unless they want to withdraw to their bank account. What kind of protection does the Hong Kong government provide if the users use a registered exchange? If there's nothing concrete I guess people would try to access overseas services anyway until they got rekt due to silly mistakes or the platform went bankrupt.
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: Stompix on March 09, 2024, 05:10:31 PM
Quote from: joniboini on March 09, 2024, 09:22:42 AM
Not sure how effective their protection will be since no case shows registered users can get insurance protection/get their money back if a registered exchange goes bankrupt.

That's the thing:
https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2024/20240220e4.pdf

Quote
An AI should hold client digital assets in separate client accounts  that are segregated from the AI’s own assets to ensure that client digital assets are protected from claims of the AI’s creditors in the event of an insolvency or resolution of the AI.

*Ai is authorized institutions no artificial intelligence   ;D

This means that basically if the exchange goes bankrupt because of its expenses or loses they will still have the clients money untouched.
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: Z-tight on March 09, 2024, 10:16:42 PM
Quote from: Stompix on March 09, 2024, 05:10:31 PM
This means that basically if the exchange goes bankrupt because of its expenses or loses they will still have the clients money untouched.
But is there any exchange that works in that way, they can't just store client's money untouched, rather they use it for fractional reserve 'scam' and for other trades and deals from which they can make more money. The funds customers see in their accounts is nothing but numbers, and this is why we don't stop warning people not to store their funds in exchanges.
Title: Re: Hong Kong Reiterates Unlicensed Cryptocurrency Platforms Will Be Expelled by Jun
Post by: Stompix on March 10, 2024, 02:58:42 PM
Quote from: Z-tight on March 09, 2024, 10:16:42 PM
But is there any exchange that works in that way,

Yup, as I said, all exchanges that have a license currently in Japan are required to have differ accounts for their own funds and clients money and are also forced to present those statements much like a bank does!
Some FTX Customers Can Withdraw Their Money—in Japan, at Least (https://www.wsj.com/articles/some-ftx-customers-get-their-money-backin-japan-at-least-3e0f2d15)

Quote from: Z-tight on March 09, 2024, 10:16:42 PM
The funds customers see in their accounts is nothing but numbers, and this is why we don't stop warning people not to store their funds in exchanges.

I've always said that people are trading banks like ING or BoA for a far worse version like Binance and FTX all under the mirage of money, but...people got what they desired!