Hong Kong to crypto exchanges: get a securities broker's licence, or go home

Hong Kong’s Securities and Futures Commission (SFC) has called for feedback on a plan to require virtual asset trading platform operators to acquire the same sort of licenses the territory requires securities traders to obtain. The proposed regulations mean crypto-slingers will need to achieve governance mastery similar to …

[Catkin]

Going home imminent

The Beijing bandits aren't going to tolerate any system that doesn't involve them holding the keys for very long.

[lglethal]

Re: Going home imminent

requirement that cover areas including safe custody of assets, Know-Your-Client (KYC), anti-money laundering and counter-financing of terrorism (AML/CFT), prevention of market manipulative and abusive activities, criteria for admitting virtual assets for trading, accounting and auditing, risk management, avoidance of conflicts of interest and cybersecurity.

With all those requirements, that's crypto dead in Hong Kong...

Safe Custody of Assets? With crypto? hahahaha

Know Your Client? Crypto crooks, please come here and identify yourself for the cameras? Hmmm...

Anti-Money Laundering? There's 90% of crypto transactions gone.

Prevention of market manipulative and abusive activities? You mean they cant run pump and dumps anymore? But that's where all the profit is! Well except in theft (see point 1).

Criteria for admitting virtual assets for trading? Hmmm the Chinese mainland called, they'd like a word...

Accounting and auditing? hello FTX... lol

Risk management? One word - Crypto...

Avoidance of conflicts of interest? Amongst crypto Bros? Dream on, dream on...

Cybersecurity? hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Good luck with all that Hong Kong. good luck....

[druck]

Re: Going home imminent

Anti-Money Laundering? There's 90% of crypto transactions gone

Yoiu are a few nines short there.

[lglethal]

Re: Going home imminent

I was being generous...

[Anonymous Coward]

Re: Going home imminent

All of that is IMHO a Good Thing.

Shysters will have to find new ways to con people, and may also have to take up burning seal puppies to continue to ruin the climate in the process.

[vcragain]

Re: Going home imminent

The whole point of crypto in the first place was to hide money transactions so that no source or destination country could regulate or tax them. And the point of no regulating was to make illegal cash easy to move - so of course the whole system is now comprised of crooks of every flavor - and they will keep doing their thing until it is no longer possible. Regulations are a big nuisance to all of us, but they are there for a reason - why anybody is surprised that the legal side wants control of this is beyond me. It was always only a matter of time until this happened, and I always knew crypto was dodgy & would fall down eventually.

[Pascal Monett]

What's the point ?

Why bother about funny money brokers in Hong Kong ?

Xi Pooh has already forbidden that in China, and that's where you're going.