[National Gold 89th floor]Wealth claws hit Bitcoin with small bets-President Cheng｜ Apple Daily

The president mentioned in recent months that in Hong Kong, where the wealth of the people is decimated, it is difficult to obtain the highest protection for the wealth of the people. Whether it is depositing in banks or even offshore accounts, arbitrary justice has always become a weapon of dictators. Some people have suggested that perhaps investing in digital currencies such as Bitcoin is the ultimate guarantee, but the claws of wealth have quietly approached.

Due to its inability to be copied and limited in quantity, Bitcoin has become an alternative gold. In recent years, it is rare for experts to vigorously question its intrinsic value. The only controversy is that digital currencies face many regulatory risks that affect their price and value trends. For example, China launched a call to block the use of currency transactions in 2017, and later called it seizing currency sovereignty and launching digital currency to counteract. Hong Kong has digital currency problems, such as fraud and fund-raising. Regulators have undergone many “push waves”. In the end, it was led by the Bureau of Finance and Treasury in November to fully regulate it under the Anti-Money Laundering Ordinance.

Previously, we must talk about the history of Hong Kong’s regulation of Bitcoin and other asset supervision. Initially, the responsibility was transferred to the HKMA, but the HKMA explained that it is in charge of legal tender, and Bitcoin is not counted. The SFC also wants to “push waves”, but it has statutory functions to supervise securities and investment plans. Therefore, there have been first currency issuances in recent years, and the committee has rectified; related companies involving digital currencies can be more like general asset management, securities houses, etc. Applying for a license is a big step forward.

Therefore, the Bureau of Finance and the Treasury has adopted the very wide-ranging “Anti-Money Laundering Ordinance” and no longer distinguishes between the nature of securities or not, and requires the Securities Regulatory Commission to issue licenses for “virtual asset service providers” and initiate so-called consultations, and provide services for “virtual assets” and “services.” “Define. The former are assets expressed in digital form for trading or transfer, payment or investment; the latter are interpreted as transactions, asset swaps and financial services.

The hottest thing is that these service providers can only provide services to professional investors. In disguised form, retail-level digital currency investors can hardly access related services anymore and can only trade on the black market. The oddity is that the Finance Bureau specifically stated this time that P2P platforms are on the exemption list, allowing digital currency buying and selling order matching, but not allowing client funds or digital currency assets to be dealt with. It encourages black market transactions in disguise, and retail investors instead Take greater risks.

The Treasury Bureau and the Securities Regulatory Commission are consulting on this licensing system. It will end on January 31 next year. Once passed, there will be a 180-day transition period. The space for direct access to digital currencies by Hong Kong retail investors has been greatly reduced, and funds and concept stocks may be bought; If you buy digital currency directly outside of supervision, it also means that you are in a gray area, creating reasons for the police to arrest wantonly for unknown property and money laundering. The president suggested that in the surviving space, a small investment is good, and you will be familiar with changing bitcoins.

President Cheng

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