The Hong Kong Securities and Futures Commission (SFC) will be working with BitMEX to create clearer regulations for crypto exchanges in the country.
While becoming increasingly common, cryptocurrency regulations can be tricky. How far can authorities actually push the process? Tokens that are deemed as securities can be regulated by certain authorities like the SEC but what about other virtual currencies?
Hong Kong’s Securities and Futures Commission (SFC) believes that an outright exchange ban is not the solution. According to the South China Morning Post, the commission’s chairman, Carlson Tong Ka-shing, explained:
We do not think imposing a total ban on these platforms is necessarily the right approach, and it will not work in today’s Internet world when trading can cross national boundaries. Even if we were to ban them, transactions can still be easily conducted via platforms in overseas markets.