There’s a major rejig set to happen in Asia’s retail crypto landscape. While on one hand, Singapore is retreating from its crypto-friendly status, Hong Kong is making fresh moves to establish itself as a crypto trading hub.
The implosion of Singapore-based Terra and other crypto firms this year has forced the Monetary Authority of Singapore (MAS) to take concrete measures with crypto regulations. With Hong Kong trying to draw away retail crypto trading with more relaxed rules, MAS chief Ravi Menon said:
“ພວກເຮົາບໍ່ໄດ້ຕັ້ງຕົວເອງເພື່ອແຂ່ງຂັນກັບອຳນາດການປົກຄອງອື່ນໆ, ໂດຍສະເພາະແມ່ນກ່ຽວກັບລະບຽບການ. ພວກເຮົາຕ້ອງເຮັດສິ່ງທີ່ເຫມາະສົມສໍາລັບພວກເຮົາ, ສິ່ງທີ່ຈໍາເປັນເພື່ອບັນຈຸຄວາມສ່ຽງ. ແລະຄວາມສ່ຽງຕົ້ນຕໍແມ່ນເປັນອັນຕະລາຍຕໍ່ນັກລົງທຶນຂາຍຍ່ອຍ."
As said, Singapore has been at the center of this year’s crypto rout. The collapse of the Three Arrows Capital hedge fund and crypto lender Hodlnaut were the major blowups this year. With these bitter experiences, Menon believes that it would be right for them to tighten up some crypto norms. Speaking to Bloomberg, the central bank chief ກ່າວວ່າ:
“I think our latest proposals would be among the strictest in the world with respect to retail access to cryptocurrencies. And we think that’s necessary.”
He further added that he had no qualms about some retail crypto companies moving to other friendlier jurisdictions.
Curbs on Retail Participation
On Wednesday, the MAS unveiled ບົດສະເຫນີ to restrict retail participation in digital markets. This includes banning small investors from borrowing as well as funding coin purchases. The MAS consultation paper also proposed banning companies from using tokens deposited by retail investors for the purpose of lending, staking, or any other yield-generating activity.
Menon added that Singapore still aims to become the crypto hub, but only with clean activities. This involves promoting areas with proper tokenization and use cases of digital assets.
On the other hand, Hong Kong is pivoting to becoming a more crypto-friendly destination. It plans to legalize retail trading and will promote licensing of crypto platforms by March of next year. Next week, both Hong Kong and Singapore will be hosting financial-technology conferences. It will feature the presence of high-profile crypto veterans such as Binance CEO Changpeng Zhao and FTX chief Sam Bankman-Fried.
ເນື້ອໃນທີ່ ນຳ ສະ ເໜີ ອາດຈະປະກອບມີຄວາມຄິດເຫັນສ່ວນຕົວຂອງຜູ້ຂຽນແລະຂຶ້ນກັບສະພາບຂອງຕະຫຼາດ. ເຮັດການຄົ້ນຄວ້າຕະຫລາດຂອງທ່ານກ່ອນທີ່ຈະລົງທືນໃນ cryptocurrencies. ຜູ້ຂຽນຫລືສິ່ງພິມບໍ່ມີຄວາມຮັບຜິດຊອບຕໍ່ການສູນເສຍທາງດ້ານການເງິນສ່ວນຕົວຂອງທ່ານ.
Source: https://coingape.com/heres-how-hong-kong-is-preparing-to-take-away-singapores-retail-crypto-sector/