Dfinity’s “Web Laptop” mainnet has been dwell since December

  • Crypto trade members are essential of proposed laws in Hong Kong which might ban retail traders from buying and selling cryptocurrency. Beneath the proposed laws, cryptocurrency buying and selling would solely be accessible to »skilled traders«, that are outlined as traders with a portfolio worth of at the least HK$8 million (~$1.03 million). Per the South China Morning Put up, this could imply that roughly 93% of the town’s inhabitants wouldn’t be allowed to commerce cryptocurrency. 
  • The SCMP additionally cites World Digital Finance, a bunch representing cryptocurrency trade companies comparable to BitMEX, Bitfinex, Huobi, OKCoin and Coinbase. World Digital Finance says {that a} ban on cryptocurrency buying and selling for retail traders would merely push them in the direction of utilizing unregulated exchanges. With unregulated exchanges, customers have restricted recourse if the platform acts in opposition to their greatest pursuits.
  • The legislative council will consider the proposal, which was launched in November, later this yr.
  • Whereas regulators have been energetic on cryptocurrency in different jurisdictions – for instance, the FCA prohibited cryptocurrency-based derivatives from being supplied to retail traders – the proposed laws in Hong Kong represents a way more heavy-handed method. 100X Group chief compliance officer Malcolm Wright commented: “Proscribing cryptocurrency buying and selling to skilled traders solely is completely different to what we now have seen in different jurisdictions comparable to Singapore, the UK, and the US, the place retail traders should purchase and promote digital belongings”.
  • The regulatory atmosphere for cryptocurrencies varies considerably from nation to nation. Bloomberg Quint not too long ago reported that the Indian authorities is planning to ban cryptocurrencies, and can possible give cryptocurrency holders a interval between 3 and 6 months to liquidate their holdings. On the identical time, the federal government is desirous about a central financial institution foreign money (CBDC) and plans to advertise the usage of blockchain expertise.

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