Quote from: SoulRey on November 01, 2018, 11:11:00 AM

The Hong Kong securities and futures Commission (SFC) has published rules for cryptocurrency funds. The regulator also said it may control trading platforms, Bloomberg reports.

According to the new requirements, Fund managers, whose portfolio contains more than 10% of assets in cryptocurrency, must obtain a license from SFC.

Crypto platforms that serve only professional investors can join the experimental "sandbox". In it, companies will be able to conduct experiments in the field of anti-money laundering on their sites to prove to the regulator their competence in this matter.

It is noted that the company has the right to apply for a license, if successfully tested in the "sandbox".

"The digital asset market is still very young, and trading rules are not always transparent and fair. Manipulation and abuse are frequent phenomena in the market. There are also cases of outright fraud," explained the need to regulate the head of SFC Ashley alder.

In addition, the new rules prohibit industry participants from providing clients with any financial incentives or offering them to trade cryptocurrency futures or derivatives.

"If you look realistically, there are two ways: regulation or prohibition. It is good that Hong Kong has chosen regulation," Ursula McCormack, a partner of the law firm King & Wood Mallesons, said.

Recall that the SFC is preparing rules for the regulation of cryptocurrency business in the country, it became known in October.

regulation or prohibition, in my opinion in this case is the same, it's just that they choose finer words so that news like this does not become a FUD, regulation alone has a considerable FUD impact, especially if they say "ban", because Hong Kong is wrong one place that has a number of investors and high enthusiasm for crypto