The Hong Kong financial regulator the Securities & Futures Commission of Hong Kong (SFC) announced a new regulatory plan, according to which all cryptocurrency companies that allow trading will have to apply for a license if they wish to continue operating in its jurisdiction. Up until now they operated based on an opt-in approach, as cryptos like BTC and Ethereum did not classify as securities. To clarify, the current regulation did cover all companies that deal with cryptos, but certain companies could be exempt from it by claiming that what they deal in is not classified as a security. Several of the cryptocurrency exchanges operating in Hong Kong operated in this manner. Some of the biggest exchanges in the world operate there, but not all of them have filed for a license. Clearly the SFC has decided to change that. I wonder, however, if they will be allowed to continue to operate at all.
I suspect this will be a growing trend , governments ( right or wrong) won't like crypto's , instinctively feeling their power and control is undermined by said currencies.
Hong Kong is an international financial center, so regulating the crypto trading center is the right thing to do.
The faster this happens the better. Have all the larger exchanges (spot and derivatives) regulated. And let there be consolidation so we can get all the volume in a couple of places (open to US citizens) Let the best regulated exchange win. KYC/AML no problem.
How else can they control it other than tax? It's no different than having a bank account. All they want is money ... Sounds good, you are entitled to your own opinion. Keep playing slots. Have a great day
Thats it exactly what they are after. They like to put tax on everything. It is all about money going back to their pocket.