Hong Kong officially launches its first Bitcoin and crypto trading platform

[adaseb]

Yeah when I heard about this a year back I assumed it would be very bullish because it would bring tons of money into the crypto market. However whenever we got news that it was finally a reality and trading would be allowed, nothing happened. And the price is still not exploding due to this news.

I think the people who wanted to own bitcoin already did in alternate ways and those that want to buy bitcoin won’t do it now but only when bitcoin breaks ATH. Many believe Bitcoin is dead right now because it’s trading sideways for many months.

[yhiaali3]

This is a plan for containment, not adoption, since the government failed to prevent people from trading in cryptocurrencies, it decided to create a fully monitored, centralized platform to allow all citizens to work with cryptocurrencies under its full monitoring and control.

In any case, the centralized exchanges that are subject to the government remain much better than the centralized exchanges owned by people or companies, at least users can be guaranteed to get their money back in the event of any exchange accident because the government is directly responsible.

[Blitzboy]

This news makes me happy because I've always believed in Bitcoin. A democratisation of access to these digital assets is shown by the choice to cater to retail customers.

Such tactical actions strengthen Hong Kong's status as a financial powerhouse in addition to opening up a world of investment opportunities for common people. Its intriguing to watch the interplay between the emergence of digital currencies on the one hand, and the complex market dynamics at play as businesses compete to profit from this expanding sector.

And can we just appreciate for a second how crazy it is to aspire for a $1 billion valuation? absolutely outstanding This kind of bold thinking will advance the cryptocurrency movement and transform it from a niche hobby to a crucial part of the world' financial system.

[bbc.reporter]

Yeah when I heard about this a year back I assumed it would be very bullish because it would bring tons of money into the crypto market. However whenever we got news that it was finally a reality and trading would be allowed, nothing happened. And the price is still not exploding due to this news.

I think the people who wanted to own bitcoin already did in alternate ways and those that want to buy bitcoin won’t do it now but only when bitcoin breaks ATH. Many believe Bitcoin is dead right now because it’s trading sideways for many months.

New regulated exchanges from Hong Kong and later Shanghai will start everything slowly and do a whitelisting process. The only cryptocoins that will be listed in the beginning are Bitcoin and Ethereum. You can confirm by going to Hashkey exchange, the first legal exchange in Hong Kong.

I reckon in a confirmed bull market, the whitelisted projects being prepared for listing in Chinese exchanges might be the source of much speculation, very similar to when Binance speculations we have witnessed hehehe.

[dlightag]

That's a good News to hear for the official lunch of Bitcoin trading platform in Hong Kong, the capital city of China and approved by government official, that is a great step in the cryptocurrency industries market adoption and I believe sooner other countries will be accept Bitcoin in the country.

[laris2]

Yeah when I heard about this a year back I assumed it would be very bullish because it would bring tons of money into the crypto market. However whenever we got news that it was finally a reality and trading would be allowed, nothing happened. And the price is still not exploding due to this news.

I think the people who wanted to own bitcoin already did in alternate ways and those that want to buy bitcoin won’t do it now but only when bitcoin breaks ATH. Many believe Bitcoin is dead right now because it’s trading sideways for many months.

Yes, but all things considered this is a positive thing when the market sentiment will turn bullish. The more possibilities users have to purchase crypto the better.
We want to promote decentralisation of onramping as much as possible to limit of possibilities of one exchange taking the whole market with it.

[wallet4bitcoin]

Hong Kong has been known as the best commercial city in the whole of Asia as a continent. It is not for nothing that it still remains pivotal towards the growth of technologies and adding a bitcoin trading platform to it doesn't sound like rocket science to me as it has been long over due.

A place with much impact such as Hong Kong should be leading in technology and this is just a step in the right direction.

[The Cryptovator]

Hong Kong is the most popular for business & trade. That means Hong Kong wants to include crypto as well in their business portfolio. Since Hong Kong is controlled by China now, China agreed to allow Hong Kong to run a crypto exchange that will enable Chinese traders to trade crypto. So it is good news for Chinese people. Besides I don't see much impact on the market for this news. But if China is influenced to ban crypto again then it will have a big negative impact on crypto industry.

[Bushdark]

Hong Kong is a business city and for them to still keep a ban on Bitcoin will not help her citizens at all although that's a good news but it's still a centralized exchange that is regulated by the government. The government will still have access to individual accounts and sanction anyone in case anything happens or they want to gain access to individual's portfolios. This will give the Chinese people access to cryptocurrency and also attract other centralized exchanges that wants to be regulated by them.

[doomloop]

In light of this, what potential value will this add to the people of Hong Kong. This platform is a centralized exchange and will be regulated by the government in the country. Do you think this move is a good one for the crypto adoption there and won’t the government be so strict with the use owing that it will be regulated by them fully?

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

A person who uses centralized exchanges cannot be concerned about the privacy or security of their personal details and information because almost all the centralized exchanges are regulated by central authorities and they can always have all the information they require about any user if they ask a centralized exchange for it. So, I don't think that it is much of a concern if the exchange is regulated by the government as that is now a normal thing.

This can actually be a good thing if we see it from an adoption perspective since a lot of people who might have not been able to get into crypto just because of lack of accessibility will now be able to get on board using the exchange which will have a positive impact on the overall adoption level of cryptocurrencies.

[TimeTeller]

In light of this, what potential value will this add to the people of Hong Kong. This platform is a centralized exchange and will be regulated by the government in the country. Do you think this move is a good one for the crypto adoption there and won’t the government be so strict with the use owing that it will be regulated by them fully?

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

A person who uses centralized exchanges cannot be concerned about the privacy or security of their personal details and information because almost all the centralized exchanges are regulated by central authorities and they can always have all the information they require about any user if they ask a centralized exchange for it. So, I don't think that it is much of a concern if the exchange is regulated by the government as that is now a normal thing.

This can actually be a good thing if we see it from an adoption perspective since a lot of people who might have not been able to get into crypto just because of lack of accessibility will now be able to get on board using the exchange which will have a positive impact on the overall adoption level of cryptocurrencies.

Most centralized exchanges especially the local ones, are already implementing KYC to its users.
This is due to the fact that they are under the regulation of Central Bank.
And people are continuously using their services because this is one of the trusted platforms to convert their crypto to fiat and vice versa.
Hence, people are not complaining about such developments like this rather than trade with scammers that you have no assurance that you will get your money back.

[ChiBitCTy]

I've got a couple buddies whom live in Hong Kong that I chat with on a semi-regular basis.  I think this is of course a great thing for bitcoin as well as Hong Kong.  What's more, the fact that Hong Kong (semi-Chinese owned) is even doing this in the first place, despite the fact that China has banned bitcoin (and I think all cryptocurrencies except for the digital yuan , if I'm not mistaken).

[Wimex]

Yeah when I heard about this a year back I assumed it would be very bullish because it would bring tons of money into the crypto market. However whenever we got news that it was finally a reality and trading would be allowed, nothing happened. And the price is still not exploding due to this news.

I think the people who wanted to own bitcoin already did in alternate ways and those that want to buy bitcoin won’t do it now but only when bitcoin breaks ATH. Many believe Bitcoin is dead right now because it’s trading sideways for many months.

Yes, but all things considered this is a positive thing when the market sentiment will turn bullish. The more possibilities users have to purchase crypto the better.
We want to promote decentralisation of onramping as much as possible to limit of possibilities of one exchange taking the whole market with it.

Although what you say is true and we want more people to use bitcoin what my colleague says has a point in favor, it is excellent news that Japan and other regions continue to promote this, it is actually what most expect, but We cannot cover our eyes and not realize that what they do always leads to centralization, it is difficult for governments not to have control over something, for this reason they will always look for a way for things to be done under laws and terms, so that they do not it gets out of hand and it's not that only this country is looking for this it's something that happens in general, everyone when they create their maneuvers to allow bitcoin and cryptocurrencies they do it with this approach, maybe for that reason they retract their decisions later and they change the whole panorama, once again restricting digital assets by not achieving their goal, it is sad but it is the reality, they still do not understand the magic of bitcoin and how to really use it.. I just hope that despite this the market moves in favor and we can see reasonable increases in the graphs.

[GreatArkansas]

Hong Kong is the most popular for business & trade. That means Hong Kong wants to include crypto as well in their business portfolio. Since Hong Kong is controlled by China now, China agreed to allow Hong Kong to run a crypto exchange that will enable Chinese traders to trade crypto. So it is good news for Chinese people. Besides I don't see much impact on the market for this news. But if China is influenced to ban crypto again then it will have a big negative impact on crypto industry.

Big W for Asia and I am proud of it.
If China really doesn't want it then for sure there must be no Bitcoin firm just like this newly launched Hongkong trading platform at all in China locations even in Hong Kong.
For sure they are cooking something.

[bbc.reporter]

I've got a couple buddies whom live in Hong Kong that I chat with on a semi-regular basis.  I think this is of course a great thing for bitcoin as well as Hong Kong.  What's more, the fact that Hong Kong (semi-Chinese owned) is even doing this in the first place, despite the fact that China has banned bitcoin (and I think all cryptocurrencies except for the digital yuan , if I'm not mistaken).

China has no choice, I reckon. They will need all sources of liquidity to energize their economy after their strict coronavirus lockdowns. I speculate that within the next 2 years we might witness a regulated exchange open in Shanghai to encourage inflows of liquidity through the cryptospace. If they do not do this, all these cashflows will instead go to the jurisdictions surrounding them hehehe.

[peter0425]

That's good news anyway; Hong Kong is already separated from China because it has its own government. That's fine, obviously, that's under the centralization of the Hong Kong government, of course. And there will be gradual adoption there at the moment.

And probably the other crypto enthusiasts there will also have an advantage because Hong Kong has already launched it.

yet still we are waiting for what would be the effect from market , because this happens already but the market stays lowering ,
what I was looking is the positive effect and how much that Hongkong people contribute in using the exchange.
but since Hongkong is already separated from china(hope they are truly are)
then there will be an impact to happen in the coming months .

[Lida93]

The Chinese government have come to a realization that they are the ones on the losing it, despite their ban on cryptocurrency the citizens still pull off some channels to continue in their use of cryptocurrency. Initiating a centralized exchange platform for the adoption of crypto trading is a win win action for both the HongKong government and her citizens.

The government in their regulatory policies over the platform also benefits in tax remittance to them while the citizens are insured of their money under the platform since it owned by the government there's security of their funds to be refunded if anything should go wrong with the exchange unlike other exchanges run by private individuals and groups.

Setting the pace, the success of this on the economy of China in the next few years can attract other governments to follow same route in bitcoin adoption in their country paving way for more bitcoin adopters.

[fruktik]

This is a good move to crypto adoption in that region since it’ll gain more use and popularity there. Privacy of ownership while trading with those platforms will be very limited. Overall, I think it is still a good development looking to the mass adoption of bitcoin we are anticipating for.

As far as I know, in Hong Kong, and without any exchanges, the crypt felt quite well. Why was it officially done? To collect taxes from people. After all, before this event, the majority simply ignored this aspect, and such a thing is not included in the plans of the state. I don't see any other explanation.
What? Will crypto become more popular? Does this area need it? I do not think so. Popularity to this day is quite good. If only all of China would adopt a single law that allows the free circulation of all cryptocurrencies, then the process would go in a completely different direction.
Hong Kong has become a kind of test experimental zone.

[JunaidAzizi]

That's good news anyway; Hong Kong is already separated from China because it has its own government. That's fine, obviously, that's under the centralization of the Hong Kong government, of course. And there will be gradual adoption there at the moment.

And probably the other crypto enthusiasts there will also have an advantage because Hong Kong has already launched it.

No doubt it is good news but for your kind information Hong Kong government is not fully independent as it is a semi-autonomous region which means the Hong Kong government is in the hands of China up to a certain limit and I appreciate the move of Hong Kong to words bitcoin as china's government ban it in their counrty.
Besides this HashKey which is a cryptocurrency exchange take two types of license from the Securities and Futures Commission (SFC) of Hong Kong. The first one is the Type 1 license which allows HashKey to launch a virtual asset trading platform under Hong Kong securities laws and the second one is the Type 7 license which allows the exchange to offer automated trading services to institutes and retail users.

[dothebeats]

Well, this is surely big news. However, there is of course a positive and negative effect that this launch has. First, it will cause a positive effect in a way that more people will hear about Bitcoin and be interested in it, high interest means possibly more people joining and using it. However, the counterpart of this is that the government will be able to have control over it, and privacy and security will possibly be out of the window. Additionally, there is the possibility of tax being applied as it is the most possible move the government can make to get something out of this. Lastly, there is also the issue of China banning Bitcoin trading, I'm sure Hong Kong will have to answer to some limitation regarding this as China still have some sort of legal authority with Hong Kong.

Generally, this change will have a positive effect on the popularity of Bitcoin, but it will surely have a negative effect on security and legal discussion in the long run.