Hong Kong Shouldn't Ban Bitcoin Because of Bad Actors
When the Chinese Ponzi scheme MyCoin vanished without a trace, stealing investment money from patrons across the board, many people went to the Hong Kong police first and foremost. MyCoin stole their money, and they want it back. Also Read: Hong Kong Bitcoin Exchange MyCoin "Lost" $387 Million of Customers' Money. MyCoin was supposed to be a bitcoin exchange and gathered enough interest to claim 3,000 customers investing $128,966 each. They made sure to leave no paper trail, as often happens with bitcoin scams. When they left, citizens of Hong Kong that invested were without any recourse....
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Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later....
When the first major bit-heist, Mt. Gox, happened, many in the crypto community might have been forgiven for thinking that it had been but a minor case of arrhythmia. However with the latest incident involving MyCoin, a bitcoin exchange in Hong Kong, it appears that we might soon have a full-scale coronary. There will have to be stronger guarantees for client funds going forward if we are not going to abandon the promise of Bitcoin altogether. MyCoin went belly up a week ago, disappearing with about US$ 387 million, leaving 3,000 clients out in the cold. This latest incident could not have....
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