As we mentioned in previous articles, this year 2018 we are in the year of regulations in the cryptocurrency market.
In this case it has been the Hong Kong region that is adopting regulations that can boost the market. We know that if a market is regulated it will give investors confidence to deposit their funds and that is what we should expect if more and more countries include regulations in their cryptocurrency legislation.
It was in September of 2017 when the Republic of China announced the prohibition of ICO's of cryptocurrencies and trade in exchanges. Although Hong Kong is now part of China, it has a different legal regime to this country and was able to avoid such prohibitions.
Today we have seen a report published on June 27 by the Hong Kong Securities and Futures Commission (SFC) stating that ICOs and cryptocurrency exchanges will be closely monitored.
This is good news because ICO's and cryptocurrency exchanges are the weak points of this market. What the Hong Kong government tries to avoid is fraud in fundraising by companies trying to capitalize through ICO's and also the theft of cryptocurrencies and malpractice of exchanges.
SOURCE
BLOCKCHAIN AND THE COMMERCIAL ASSOCIATIONS
In addition to seeing how Hong Kong is regulating the cryptocurrency market, another positive aspect is the incentive to trade associations with other countries to develop blockchain projects.
The Hong Kong Monetary Authority (HKMA) has partnered with its Singapore counterpart to execute a blockchain project to maximize trade and finance between the two countries. Nothing more and nothing less than 20 banks of both countries were enrolled in the project, partnering to carry out this cross-border trade initiative driven by the government of Hong Kong.
SOURCE
Regarding the sending of remittances between countries, one of the most recent initiatives has been that of the Alibabá company, which has tested its blockchain remittance system between its financial platform in Hong Kong, AliPayHK, and the Philippine payment application GCash.
Talks are beginning between the Hong Kong Monetary Authority (HKMA) and the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). They want to consolidate trading between Hong Kong and the United Arab Emirates with help of blockchain technology.
cointelegraph.com
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