Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator

he outgoing chairman of Hong Kong’s securities regulator has – unlike China – ruled out a total ban on domestic cryptocurrency exchanges, suggesting formal regulations instead.

Hong Kong’s Securities and Futures Commission (SFC) is drawing plans in reaction to the growing appetite for cryptocurrencies like bitcoin among retail investors and traders – by regulating the sector.

Speaking to the South China Morning Post in a report on Monday, outgoing chairman Carlson Tong Ka-shing insisted that autonomous, self-governing administrative region south-east of mainland China will not follow the latter’s approach with an outright ban on the cryptocurrency sector.

“We do not think imposing a total ban on these platforms is necessarily the right approach,” the senior official told the SCMP, remarking that traders will find ways circumvent all barriers.
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