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[CASTIEL05]

Most of the people there are probably using Cryptocurrencies to avoid taxes. Knowing that they have something against the government there, I remember an article in which they use it for funding rallies and make even more noise to stop the government. They are probably working on now to eradicate those types of sources and regulate everything.

Anybody from Hong Kong that resides there, and how is it going with the crypto life there?

This is one of the primary reasons why government declares a ban for cryptocurrency. People can evade paying taxes because of cryptocurrency since it is not yet regulated and cannot regulate by government. Tax is good in economy because it boost up the development when it comes to construction of building, roads and other infrastructures. It is not good when officials corrupted the taxes of the people. Hong Kong banned cryptocurrency because the government wants to manipulate the people out there. That is why there are many rallies happening in Hong Kong, people tend to resist in their government.

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[jaysabi]

I believe that most exchanges will choose to move out of this region and place their headquarter in places where laws are less strict. The mandate is essential if we want to integrate bitcoin and other cryptos into our daily life. But If it is an austere regulation, it will force people to stay away from these digital assets. IMO, these rules are not likely innovations at all.

Fighting regulation is a losing proposition. Those trying to avoid regulation are on the wrong side, they just haven't realized it yet. Exchanges will go where the customers are, and leaving a jurisdiction doesn't exempt you from operating under the laws of that jurisdiction when you serve those customers. And customers will more and more demand operators to be regulated.

[Salauddin1994]

A hong kong digital currency exchange has suspended trading following a security breach in which thieves broke into millions of dollars worth of bitcoin due to which hong kong has banned retail trade of digital currency. The proposed chinese security law in hong kong has added a new dimension to sino usrelations known as the trump banned immigration digital currency project if it is controlled properly it will not be suspended the demand for bitcoin crypto will increase in the case of transactions.

[bits4books]

Few people here may like this opinion - but I believe that this is the right step.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it
a) more transparent
b) more reliable
If I know for sure that a particular coin meets the established standards, then I am much more comfortable to use it rather than some dark token that doesn't even have a team on the site.
Again , this is another step towards a long and mutually beneficial coexistence and cooperation between the state and cryptocurrencies.

[buwaytress]

I actually thought Hong Kong already made licensing a requirement, so this is of some news. But ever since Binance moved out of that jurisdiction in 2017 was it to Japan, and then moved later to Malta (2018 maybe?) it's been old news that you just can't run an exchange out of Hong Kong (China) any more, not without making strict concessions to CCP. I always thought they'd chase him down everywhere but apparently they just want you to pay tax and not do things to make their regulators' life difficult is all.

[lixer]

I hope they don’t make such law where I live because retail traders has been my highest selling point, I make bigger profit when I sell to some small exchange or retailers where I live than when I sell my coins on exchanges. They might be right about the money laundering issue because there are some dumb people that are always trying to ruin every good thing.

Moreover, the government seems to be doing everything possible now to clamp down on crypto, and they are starting with centralized exchanges, that’s how they are gaining control. I have been seeing posts like this recently, everyone complaining.

[arallmuus]

I actually thought Hong Kong already made licensing a requirement, so this is of some news.

It was more or less in the gray area.

Hong Kong (China)

Some people might disagree with you addressing Hong Kong as China. Personally I dont really care but there is a tendency that some people think that Hong kong is the safe haven of China.

I always thought they'd chase him down everywhere but apparently they just want you to pay tax and not do things to make their regulators' life difficult is all.

Well Binance is really dominating the market right now as we speak and they are making tons from it. Any Government from where they set their operation, would want a piece of that chunk they are making . They are probably paying alot already to set up their operation in those countries but the law that bind all these cryptocurrencies retail / exchanges can be easily altered as The Government wish to milk taxes as much as possible

After all, users can find the best solution outside of Hong Kong.

Malta is definitely the new Hong Kong / Japan for anything that is now considered 'illegal' from where you live.

[stompix]

The proposed chinese security law in hong kong has added a new dimension to sino usrelations known as the trump banned immigration digital currency project if it is controlled properly it will not be suspended the demand for bitcoin crypto will increase in the case of transactions.

What the f....

Wouldn't expect this from Hong Kong because usually they are one of the most elite tech places in the world while not having that much influence from China like they used to,

It's the opposite, the influence was negligible twenty years ago now it off the roof.

Few people here may like this opinion - but I believe that this is the right step.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it

So if I show the clerk my id and the id of Franklin Clarence Mars he should accept my wrapper as money? If I pay him in cash do I have to provide KYC? Or if I pay in a foreign country with a foreign debit card?
I'm not a fan of tokens and I know that 99.9% of them are useless garbage but KYC alone means well..shit..when it comes to accepting it.

Malta is definitely the new Hong Kong / Japan for anything that is now considered 'illegal' from where you live.

You know that Binance is not actually based in Malta and they hold no license, OkEx is supposedly based there but that didn't stop Chinese authorities to arrest their owner,  and with the new FATF guidelines I doubt many will rush to it. If what you do is considered illegal in your country prepare for the worse, no matter where this is taking place "virtually".  Oh, should I also mention Bitmex who were supposed to be in another "safe" heaven?

[exstasie]

Well Binance is really dominating the market right now as we speak and they are making tons from it. Any Government from where they set their operation, would want a piece of that chunk they are making .

That's also why Binance is so secretive about where they operate from. CZ says vague things like "we operate from many different countries" and "we have no headquarters" to obscure the fact that they pay no taxes to anyone, and that nobody knows where to find them.

Malta is definitely the new Hong Kong / Japan for anything that is now considered 'illegal' from where you live.

No way. They're a member of the EU. Maybe that was true a few years ago before the AML directives caught up to crypto, and before Malta established their own regulatory regime, but not now.

Africa and the Caribbean are the last sanctuaries for shady crypto exchanges. And now that the US government is going after Bitmex anyway, even that is being thrown into question.

[arwin100]

I hope they don’t make such law where I live because retail traders has been my highest selling point, I make bigger profit when I sell to some small exchange or retailers where I live than when I sell my coins on exchanges. They might be right about the money laundering issue because there are some dumb people that are always trying to ruin every good thing.

Moreover, the government seems to be doing everything possible now to clamp down on crypto, and they are starting with centralized exchanges, that’s how they are gaining control. I have been seeing posts like this recently, everyone complaining.

Hopefully not since if major countries will ban crypto from retail or other use then provably the 3rd world or other country will follow so we need to see some more positive news and great adoption so that the government will consider it's usage and see the potential. Since if they are feed up with negatives for sure they will do such actions which we don't like.

For now there are less country doing that but other who ban crypto are slowly opening their doors again so maybe that's temporary ban only but let see.

[Dorodha]

Countries that are banning crypto will support crypto if they know the proper use of crypto Hong Kong is banning the retail business of digital currency because they think their country's central currency is more acceptable. digital currencies is worthy of support everywhere and the government can run as it pleases. In the case of crypto digital currencies is completely different. No one can control crypto and the government does not get any tax subsidy from here the growing demand for crypto will have a positive impact on the whole world.

[Mauser]

Countries that are banning crypto will support crypto if they know the proper use of crypto Hong Kong is banning the retail business of digital currency because they think their country's central currency is more acceptable. digital currencies is worthy of support everywhere and the government can run as it pleases. In the case of crypto digital currencies is completely different. No one can control crypto and the government does not get any tax subsidy from here the growing demand for crypto will have a positive impact on the whole world.

Also the political landscape will likely change with the digital Yuan in my opinion. Once China is fully promoting their own digital currency I am sure Hong Kong will make special rules for the Yuan. Overall I think China wants to make sure people are not using other crypto currency and will focus on the digital Yuan in the future.

[Chrystora123]

Countries that are banning crypto will support crypto if they know the proper use of crypto Hong Kong is banning the retail business of digital currency because they think their country's central currency is more acceptable. digital currencies is worthy of support everywhere and the government can run as it pleases. In the case of crypto digital currencies is completely different. No one can control crypto and the government does not get any tax subsidy from here the growing demand for crypto will have a positive impact on the whole world.

If taxes are the reason the Hong Kong government bans crypto trading there, in fact, they (the Hong Kong government) can impose taxes on businesses that use cryptocurrency.  I think they have another goal (perhaps to market digital yuan)..

Also the political landscape will likely change with the digital Yuan in my opinion. Once China is fully promoting their own digital currency I am sure Hong Kong will make special rules for the Yuan. Overall I think China wants to make sure people are not using other crypto currency and will focus on the digital Yuan in the future.

right, your guess is the same as me, this is just a game, they (Hongkong government) have another scenario.  We know very well that the Hong Kong government is still under pressure from the Chinese government..

[bits4books]

Few people here may like this opinion - but I believe that this is the right step.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it

So if I show the clerk my id and the id of Franklin Clarence Mars he should accept my wrapper as money? If I pay him in cash do I have to provide KYC? Or if I pay in a foreign country with a foreign debit card?
I'm not a fan of tokens and I know that 99.9% of them are useless garbage but KYC alone means well..shit..when it comes to accepting it.

No, because your candy wrappers are not included in the General pool of acceptable currency payments.

You already have a passport, which means that you, roughly speaking, have already passed KYC from birth. You already have birth certificate, medical police, passport, driver's license, etc. Having the country's citizenship, you automatically have a " Fiat KYC"

I'm not saying that KYC is a panacea, but this is the first step to making the token less suspicious than just random exchange garbage.

[verita1]

The government planned to release a consultation paper on Tuesday afternoon to collect views on the proposed new rules, which aim to offer investors better protection by combating fraud and money laundering.

I agree with the main objective by the Hong Kong government. Preventing fraud and money laundering is an important job for any nation. Illicit activities do not benefit people, they are detrimental to any economy.

[jaysabi]

Few people here may like this opinion - but I believe that this is the right step.
You don't try to pay with A Snickers wrapper at the grocery store because you think it's money, do you? It's the same here - for your token to be considered a legitimate means of payment, it must meet certain requirements (including KYC). This will really help clean the market of garbage and make it
a) more transparent
b) more reliable
If I know for sure that a particular coin meets the established standards, then I am much more comfortable to use it rather than some dark token that doesn't even have a team on the site.
Again , this is another step towards a long and mutually beneficial coexistence and cooperation between the state and cryptocurrencies.

I share this sentiment about regulation of exchanges being necessary for confidence in the system, and a necessary part of that is KYC.  I think it's because of the nature of how bitcoin started that so many people are opposed to it, but it's necessary to reach mass adoption. Regulation gives it legitimacy and gives people confidence there will be consequences and recourse for bad actors.

[Findingnemo]

If regulations makes it more tougher for a common citizen to buy cryptos then the regulations itself is the reason why things are getting more support in the dark world. So any government wants to regulate the cryptocurrency trading should take account of this or else its just the revenue loss for them since people are going to trade at some other ways.

[bryant.coleman]

Well.. I was expecting this. With every passing day, Hong Kong is losing its administrative and financial freedom and the People's Republic of China is now controlling most of the aspects there. Very soon the special privileges that are granted to Hong Kong (as per the treaty between the United Kingdom and China) will be cancelled and Hong Kong will just become another municipality within mainland China.

[DrG]

Suppress the crypto currencies so that you can establish your own digital Yuan. Nice move China. They claim they're preventing fraud but the main attempt seem to be to prevent capital flight. If this kind of legislation keeps changing Hong Kong then I can see the property value of those billion dollar buildings start to come down from their stratospheric pricing. The real estate market will be a good leading indicator.

[RealMalatesta]

This is just a way to make crypto a bit more centralized if it wants to get mass adoption and I am not sure if I am fine with that. Money in itself wasn't the source of the problem to begin with, what humanity did with that money was the trouble that got created.

Banks wanted you to pay interest but if everyone is capable of paying their interest where did the extra money came from? What would happen if banks started to accept bitcoin? Will they want interest from it? What if 21 million coins were all loaned out?

With interest it makes more than 21 million that needs to be repaid but there is only 21 million available even at max. So, centralization kills all currencies and I would say let Hong Kong not have any digital currencies if the other option is to make it centralized.