Hong Kong Government Eyes Restricting, Prohibiting Crypto Businesses’ Operations
21 May, 2021•1 min read•Regulation
The Hong Kong government is reportedly considering allowing its financial regulator to prohibit or restrict the operations of cryptocurrency businesses.
The Securities and Futures Commission would be able to prohibit licensed crypto asset service providers "when necessary," 8BTC tweeted Friday. This would also apply to "associated entities" of these providers. Carrying out crypto-related activities without a license is punishable with a fine of HK$5 million (~$640,000) and up to seven years in prison, 8BTC added.