With cryptocurrency investors increasingly worried about Hong Kong’s regulatory ambiguity on crypto, a number of major crypto-focused businesses and events have decided to move their activities to Singapore and other countries and territories considered as more friendly to their industry, as indicated by local observers.
Hong Kong’s lawmakers are advancing plans to require licensing for crypto trading platforms through an amendment to the city’s anti-money laundering legislation. This legislative change would require firms to offer such services exclusively to professional investors with a portfolio of at least HK$8 million (US$1 million). Should the amendment go through, the move could discourage numerous crypto investors from conducting their business in Hong Kong.
“There was a point in time where Hong Kong had a leading position in cryptocurrency and business related to crypto,” Padraig Walsh, a partner at the Hong Kong law firm Tanner De Witt, told local daily The South China...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...