Bitcoin trading hk
Bitcoin did not get onto the radar of the Hong Kong regulators until late Until then there was little Bitcoin activity in Hong Kong. Bitfinex was likely the first exchange to open bank accounts in Hong Kong and offering exchange and trading services largely to international customers in Dec 14, · Trading bitcoin in hk india This is a feature that is unique to Crypto World Evolution. In regions such as India and Australia, binary are legal turbo 5 minute binary options India — but traders should make sure they use a reputable broker, and read our section below on avoiding scams. trading bitcoin in hk India. Sep 06, · Here's The Trading Center In HK Where They Mined Most of the Bitcoin Cash Blocks Earlier today we reported on the unknown pool that has been mining a vast majority of the Bitcoin Cash (BCH) blocks so far. Now aicrypto4.de has had an exclusive conversation with the miner from Hong Kong otherwise known as ‘MC Pool.’.
Bitcoin trading hkIQ Option Trading How to buy Bitcoin in Hong Kong
In Hong Kong there is no specific framework for the regulation of stablecoins. Most stablecoins have a central issuer that sells and redeems the stablecoin for the currency backing it. Currently there is no indication that a company handling cryptocurrency has any chance of seeing their SVF license accepted.
Synthetic stablecoin without a physical backing of the underlying asset exist as well and are more difficult to define from a regulatory standpoint. Offering payment processing services for any stablecoin is likely regulated under the HKMA. For a more comprehensive article about Bitcoin Taxation, please refer to this article. Income tax needs to be paid independent of whether payments are made in cash, cheque or Bitcoin and it is generally up to a business if they want to do their accounting in Hong Kong Dollars or Bitcoin.
Article of the Basic Law states:. The Hong Kong dollar shall be freely convertible. Markets for foreign exchange, gold, securities, futures and the like shall continue. The article however does not prevent the government from creating licensing regimes that favor monopolies and allow for significant rent seeking. The concern behind this is that Bitcoin exchanges might apply for MSO licenses and use them to create an illusion of legitimacy or government sanction.
This puts police intimidation as the number one legal barrier to offering Bitcoin products. Companies outside of that regime do not feel restricted or intimidated in offering Bitcoin products.
In reality banks are highly hesitant to open accounts to financial services companies, and even more so cryptocurrency businesses. There are few reports of private banks accounts being shut down due to involvement with Bitcoin trading, but for company accounts this remains common.
Currently there is no dedicated Bitcoin payment processor active in Hong Kong. Hong Kong exchanges offer such services only on a limited on-demand basis. Whether Bitcoins are used or not is not relevant to the issuance of a license, and money lenders using Bitcoin have successfully obtained licenses. Securities law is incredibly complicated and Blockchain-based product are not excempt. Whether a cryptocurrency is a commodity or security, and whether a security is a legal security requires very careful examination.
It however currently seems unlikely that the SFC will go after securities not specifically offered or advertised to Hong Kong investors. ICO issuers were also contacted. They either stopped their ICO or promised to comply with securities regulation. Advising on token offerings, brokering tokens and letting customers trade them may require a license from the SFC. All usual due diligence, information and investor warnings apply. Bitcoin will likely become more regulated as it becomes more popular.
The SFC will further relax its rules towards funds, and later also derivatives and futures trading and enable its existing license holders to offer these products based on cryptocurrencies. Possibly ETFs and other funds will become possible and even listed. I expect it to take a long time until the Hong Kong government reclassifies Bitcoin as a currency, which will allow the HKMA to clarify its rules, allow banks to offer Bitcoin-based investment products as well as allow SVF license holders to include Bitcoin into their products.
This post was written by Leonhard Weese, and for obvious reasons does not constitute legal advise. For corrections, suggestions and inquiries contact the author via LeoAW or leo at bitcoin dot org dot hk.
Hong Kong, rule of law and the free market Updated: version history In general, Hong Kong has a reputation as a reliable and predictable non-interventionist regulator. In short, people dealing with Bitcoin might have a duty to: obtain information on the customer and keeping it up to date obtain information on the business relationship, the source of wealth and source of funds monitor the business relationship make reports to the Financial Intelligence Unit about suspicious activity While not carrying legal status, the Joint Financial Intelligence Unit JFIU references a report by the Paris-based Financial Action Task Force FATF on cryptocurrencies.
Bitcoin as a Virtual Asset On November 1, , the Chief Executive Officer of the SFC, Ashley Alder, announced in a keynote speech at Fintech Week the strict enforcement and clarification of existing rules, as well as a sandboxing arrangement for cryptocurrency exchanges.
Taxation For a more comprehensive article about Bitcoin Taxation, please refer to this article. Tokens Securities law is incredibly complicated and Blockchain-based product are not excempt. Notes This post was written by Leonhard Weese, and for obvious reasons does not constitute legal advise. Social links. In regions such as India and Australia, binary are legal turbo 5 minute binary options India — but traders should make sure they use a reputable broker, and read our section below on avoiding scams.
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The Finance Ministry noted that digital currencies are trading bitcoin in hk India often used for tax evasion, money laundering and illegal activities. If you can robinhood software for binary options Singapore identify patterns in your charts, you may be able to predict future price movements. He is also a regular contributor to Forbes. Originally though, it was only large institutions and the fabulously wealthy that had access.
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