Crypto Regulation Knocking at the Door of Hong Kong and France

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Hong Kong and France speed up the cryp­to reg­u­la­tion process while oth­er coun­tries also steadi­ly move to reg­u­late the asset class.

The FTX col­lapse has pres­sured reg­u­la­tors glob­al­ly to speed up on how to deal with this new asset class. While some coun­tries want to imple­ment tighter reg­u­la­tions, oth­ers favor pro-cryp­to regulations. 

The France reg­u­la­tors are call­ing for an accel­er­at­ed licens­ing of unreg­is­tered cryp­to ser­vice providers. At the same time, Hong Kong com­mits to becom­ing a region­al cryp­to hub with a robust reg­u­la­to­ry framework.

France Pushes for Mandatory Crypto Licensing

The Finan­cial Mar­kets Author­i­ty (AMF) chair, Marie-Anne Bar­bat-Layani, sup­ports a “swift tran­si­tion to a more strin­gent over­sight of the cryp­to indus­try,” accord­ing to Bloomberg.

The Reg­u­la­to­ry body wants to tight­en cryp­to reg­u­la­tion by push­ing the unreg­is­tered cryp­to ser­vice providers to obtain the license manda­to­ri­ly. The licens­ing sys­tem present­ly is optional.

Marie-Anne Bar­bat-Layani believes that licens­ing offers sev­er­al more sig­nif­i­cant and detailed ele­ments for the pro­tec­tion of investors.

This month, the bill to push manda­to­ry licens­ing will be dis­cussed in the Low­er Cham­ber of Par­lia­ment. Mean­while, the French user states that some ser­vice providers have had pend­ing reg­is­tra­tion requests for more than a year.

Hong Kong Commits to Become a Regional Crypto Hub 

Paul Chan, the Finan­cial Sec­re­tary of Hong Kong, says that the coun­try is work­ing to attract busi­ness­es in the sec­tor of cryp­to and Fin­tech. Accord­ing to a Bloomberg arti­cle, Hong Kong is com­mit­ted to becom­ing a region­al cryp­to hub.

Paul Chan says, “As cer­tain cryp­to exchanges col­lapsed one after anoth­er, Hong Kong became a qual­i­ty stand­ing point for dig­i­tal asset cor­po­rates. The city has a robust reg­u­la­to­ry frame­work that match­es inter­na­tion­al norms and stan­dards while pro­hibit­ing free-riders.”

The Hong Kong Reg­u­la­to­ry Author­i­ties are also will­ing to expand cryp­to trad­ing to retail investors, which cur­rent­ly lim­its to those with $1 mil­lion+ bank­able assets.

Global Crypto Regulation Drive

Coun­tries have geared up to imple­ment cryp­to reg­u­la­tion with var­i­ous goals, such as pro­tect­ing investors’ cap­i­tal and stay­ing up to date with innovations. 

The UK has estab­lished a spe­cial cryp­to cell under its Nation­al Crime Agency to fight cryp­to crimes. In Decem­ber last year, the gov­ern­ment also announced plans to bring a “broad­er range of invest­ment-relat­ed cryp­to assets activ­i­ties into regulation.”

The African coun­try – Nige­ria plans to reg­u­late cryp­tocur­ren­cy to flow with glob­al eco­nom­ic inno­va­tion. Nige­ria has the third high­est cryp­to trans­ac­tions in the world, with 56% of its adult pop­u­la­tion par­tic­i­pat­ing in the transactions.

Got some­thing to say about cryp­to reg­u­la­tion or any­thing else? Write to us or join the dis­cus­sion on our Telegram chan­nel. You can also catch us on Tik Tok, Face­book, or Twit­ter.

For BeInCrypto’s lat­est Bit­coin (BTC) analy­sis, click here

Disclaimer

BeIn­Cryp­to has reached out to com­pa­ny or indi­vid­ual involved in the sto­ry to get an offi­cial state­ment about the recent devel­op­ments, but it has yet to hear back.



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