Hong Kong Should not Ban but Regulate Crypto Trading, Says SFC Chairman

Hong Kong has no plans to impose a ban on cryptocurrency trading like mainland China, Carlson Tong Ka-shing, the Chairman of Securities and Futures Commission (SFC) said in an interview to local media on Monday. Tong, who is due to hand over the SFC’s rule to Tim Lui Tim-leung later this week, is in favor of regulating virtual asset exchanges on investor protection grounds.

The Commission is anxious to oversee the crypto market, but the law restricts it, the SFC boss noted. One of the main obstacles for introducing a regulatory regime is that SFC cannot define all players and services in the digital currency industry by using the current Securities and Futures Law, Tong said.

However, SFC is actively working to find ways to resolve that kind of legal gap.

“They [some crypto companies] do not fit in the custodian, audit or valuation requirements, …

This article appeared first on Cryptovest

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