“We have to carefully consider the regulatory approach for these platforms because they are new technology and may not qualify as securities. They do not fit in the custodian, audit or valuation requirements, for instance, normally expected under the Securities and Futures Ordinance.”

Tong added that the SFC is evaluating the best approach to regulate cryptocurrency platforms “to a standard that is comparable to that of a licensed trading venue, while at the same time ensuring investors interest are being protected.” 
(Source: https://www.newsbtc.com/2018/10/15/hong-kong-to-propose-regulation-for-cryptocurrency-trading/ )

It is seen that the Securities and Futures Commission (SFC) Chairman has got a different point of view for the mainland China's ban of the crypto currency. Obviously he has got the right approach to look at this matter, because when crypto is trending, and so many people are already indulged into it, then how can you expect a total ban would work in such an environment without really effecting the economy of the country.