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Chinese media 8BTC tweeted that the Hong Kong government is considering the option to authorize the local financial transactions watchdog (Securities and Futures Commission) to restrict or ban the activities of licensed companies providing services related to cryptocurrencies.
Is the cryptocurrency barrier coming from Hong Kong?
According to the tweet posted by 8BTC, the regulator of the region may cause restriction of crypto money activities. The tweet states that the same applies to related parties.
The tweet includes the following statements:
"Last Minute! The Hong Kong government is proposing to authorize the Securities and Futures Commission to restrict or prohibit the transactions of licensed cryptocurrency service providers and their associated entities as needed."
Generally, running a regulated crypto business in Hong Kong without a license is subject to a fine of approximately $ 650,000 ($ 5 million Hong Kong) and five years in prison. If the criminal continues to operate and thus breaks the law, another fine of 100,000 Hong Kong dollars will be followed. Conducting regulated crypto activities without a license is subject to fines of up to $ 5 million and seven years in prison. In addition, in the case of an ongoing crime, additional fines of 100,000 Hong Kong dollars are written for each day the crime continues.
News from Asia deeply affected the price of Bitcoin.
As it is known, a news came from Asia recently. Three institutions affiliated with the Bank of China have issued a warning to local financial institutions not to do or get involved in any crypto-related business. With this news, Bitcoin fell from the level of $ 40,000 and lost almost $ 10,000.
