Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator

[Pump N Dead]

Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator

The outgoing chairman of Hong Kong’s securities regulator has – unlike China – ruled out a total ban on domestic cryptocurrency exchanges, suggesting formal regulations instead. Hong Kong’s Securities and Futures Commission (SFC) is drawing plans in…

Read more:
https://www.trackcoinmarket.com/en/crypto-news/33567/total-ban-crypto-exchanges-unnecessary-hong-kong-regulator

I think the officials cannot take the pressure of influential people who are joining and investing huge amount of money in blockchain technology. The official will not change their mind unless there is someone who are appealing to regulate cryptocurrency.

[DipDare11]

I am sincerely glad that the guys understand how important cryptocurrency is to people. Behind the technology blockchain future)

[ClassyDancer]

I am sincerely glad that the guys understand how important cryptocurrency is to people. Behind the technology blockchain future)

True! Banning should not be the default reaction of any government. Regulation is enough. Japan and South Korea are already doing it. There’s a way to control the technology without having to ban it and completely deprive a country of its benefits, right?

[Thinkable999]

"Different people has different perspective on cryptocurencies. The regulatory act bans cryptocurrencies in honkon without showing proper facts behind it.
"

[jademaxsuy]

This is how should a government do. Letting the people to have the option to join cryptocurrency or not. And still, the government aiming to regulate cryptocurrency for some reason like the scam activities on ICO. This part should be regulated. But, in trading cryptocurrency government should support this because this is more like stock market exchange with higher volatility rate.

[Mr.Boring007]

If regulations mean 24 X 7 surveillance on your internet activities, then you should think twice. But truth is, either way you end up giving your KYC details, whether its an exchange or a goverment.

[Assface16678]

The blockchain technology is the technology that would disrupt the way we transact and interact with each other.

And governments would do well to embrace it and look for productive ways to integrate it into their system.

Putting a ban on it is going in the opposite direction.

And sooner or later they will be disappointed to their decision. This is not the right thing to do today, because we all kmow that bitcoin is the future of currency. This will be for sure. Soon they will lift their decision and accept bitcoin. Everyone must be hopeful with this.

[boyshx]

bitcoin and because of it cryptocurrencies is a growing phenomenon that they can not do anything to prevent it. so if the government wants to keep their control over the market they would have to forget about a total ban of cryptocurrency exchanges and instead think about regulating them in a way that they can keep people on these exchanges and have control over them.
otherwise we have seen total bans leads to migration not prevention. people simply start using other methods of trading, methods that involve decentralization and remove government control altogether.

Perfect. There is big example of this going on right now. When India had total ban of the crypto currencies then its #1 exchanger went down like crazy. The exchanger that is ZebPay struggled a lot over the Indian RBI decisions to make things happen in their own favour. However eventually they have failed badly. Now they have multi billion business and surely cant let it go that way.

For this purpose they are now getting migrated to the Malta and thus gonna serve 20 more countries out there but NOT India. 

Its loss of India country now and thus total ban of crypto will always lead to worst cases.

[efxtrader]

Most people in hong kong having good knowledge in investment and i am believe if they dont ban exchange, their transaction will be big. Hong Kong is financial hub in asia and having big financial transaction. Its good for Hong Kong if they dont ban cryptocurrency exchange

[Desscount]

Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator

The outgoing chairman of Hong Kong’s securities regulator has – unlike China – ruled out a total ban on domestic cryptocurrency exchanges, suggesting formal regulations instead. Hong Kong’s Securities and Futures Commission (SFC) is drawing plans in…

Read more:
https://www.trackcoinmarket.com/en/crypto-news/33567/total-ban-crypto-exchanges-unnecessary-hong-kong-regulator

maybe this will have a good impact on the development of the crypto market. but I still doubt the news, because after all Hong Kong is part of China's authority. I don't think the market will recover quickly with or without this news.

[wxa7115]

Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator

The outgoing chairman of Hong Kong’s securities regulator has – unlike China – ruled out a total ban on domestic cryptocurrency exchanges, suggesting formal regulations instead. Hong Kong’s Securities and Futures Commission (SFC) is drawing plans in…

Read more:
https://www.trackcoinmarket.com/en/crypto-news/33567/total-ban-crypto-exchanges-unnecessary-hong-kong-regulator

This is exactly what has been said by everybody in the crypto community for those who are not oblivious of the reality we have to face. Any country that goes the way of total ban as a means of is only showing forth the extent of their ignorance rather than the show of strength that they believe they are doing because in the near future they would realise that other countries that they have made their model have been developing behind the scene leaving them to grapple with manual way of doing things.

Many countries are only seeing the disadvantages that cryptocurrencies will cause them but it is also true that cryptocurrencies can bring a lot of benefits and like at the individual level the countries that adopt cryptocurrencies the fastest are going to be the ones that obtain the most benefits, this is why Japan has adopted cryptocurrencies so fast, they understand that in the future that is going to help their economy.

I really think that Japan has adopted cryptocurrencies in part because of its huge national debt problems and they are seeing cryptocurrencies as a way to increase their economic activity and the taxes they can collect so they can finally eliminate part of that huge debt they have been holding for decades.