- Hong Kong’s cryptocurrency rules are nonetheless surrounded by fixed uncertainty.
- Businessman Bobby Lee warns of Hong Kong’s faltering dedication to the cryptocurrency trade.
- Lee was the primary pioneer of the Chinese language inventory change, however was compelled to shut it down.
In a current warning to the cryptocurrency group, outstanding businessman Bobby Lee expressed concern over Hong Kong’s (HK) long-term dedication to cryptocurrency, casting doubt on the nation’s digital asset ambitions.
Lee, who has skilled firsthand the damaging results of regulatory measures in China, sees his story as a cautionary story for corporations lured by Hong Kong’s bid to turn out to be a serious digital asset hub.
Regardless of Hong Kong’s present efforts to introduce new rules for the cryptocurrency sector, Lee says the town might not give attention to cryptocurrency in the long term. Notably, Lee launched China’s first Bitcoin (BTC) change, solely to see it compelled to close down on account of Beijing’s regulatory measures.
After shutting down the Chinese language inventory change, Lee based Ballet International Inc., a cryptocurrency storage supplier primarily based within the US. Given his expertise within the cryptocurrency trade, Lee urges corporations lured by Hong Kong’s obvious enthusiasm for digital belongings to be cautious.
The Bloomberg report additionally famous that whereas Hong Kong goals to foster an setting conducive to cryptocurrency innovation, some specialists agree with Lee that uncertainty stays over the town’s cryptocurrency rules.
Eddie Yue, CEO of the Hong Kong Financial Authority, not too long ago shed some gentle on future digital asset rules and hinted at a paradigm shift in strategy in comparison with the previous, as reported by Coin Version.
Yue emphasised that the objective is to permit the trade to develop and innovate whereas sustaining a robust regulatory framework, fairly than a “gentle contact” strategy. He made it clear that cryptocurrency corporations sad with Hong Kong’s regulatory setting are free to look elsewhere for alternatives.
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