📢Hong Kong strengthens cryptocurrency regulation: OTC trading may be regulated by the SFC🔍

Crypto enthusiasts, pay attention, Hong Kong may soon implement stricter regulation of over-the-counter (OTC) cryptocurrency trading.

According to the South China Morning Post, the Securities and Futures Commission (SFC) of Hong Kong is considering working with the Hong Kong Customs and Excise Department (C&ED) to jointly strengthen the supervision of OTC transactions.

OTC transactions usually refer to private transactions conducted directly between large companies, which often bypass public exchanges. But now, the SFC may intervene, which will help provide a clearer regulatory framework for the cryptocurrency industry.

Why do this? One reason is that there have been some major financial losses and fraud in the cryptocurrency industry recently, especially the collapse of Japanese exchanges, which has raised concerns about the role of OTC transactions by regulators. These transactions are often operated through physical stores, and many are associated with fraudulent activities, so stricter supervision is particularly important.

SFC representatives said that they are working closely with the government and other regulators to establish a robust, clear and consistent regulatory environment to promote the sustainable and responsible development of Hong Kong's virtual asset industry.

Although the need for regulation is generally supported, some industry insiders are still concerned that the specific implementation of regulation may bring confusion, as the responsibilities of the SFC and Customs may overlap.

🗣️ Conclusion:

Hong Kong has recently strengthened its supervision of over-the-counter (OTC) cryptocurrency transactions. Although this policy may cause some volatility in the market in the short term, it will help reduce fraud and illegal transactions in the long run, thereby enhancing investor confidence.

For investors, this is a sign that a safer and more compliant market environment is taking shape; for industry participants, it means that they need to adhere to higher compliance standards and improve their risk management capabilities.

It is believed that with the continuous improvement of the regulatory system, Hong Kong's cryptocurrency market is expected to develop in a more stable and sustainable direction.

💬 What do you think of Hong Kong's possible strengthening of supervision of OTC cryptocurrency transactions? See you in the comments section!

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🚫Singapore's new rules: To curb money laundering, cryptocurrencies are banned from gambling!

Singapore recently introduced new rules to ban the use of cryptocurrencies in gambling, in an effort to combat money laundering and other illegal activities. The decision was made after the Singapore Parliament passed an amendment to the Casino Management Act, which aims to strengthen the regulation of casinos and protect vulnerable groups.

The amendment also gives the Gambling Regulatory Authority (GRA) more power to regulate various gambling activities in casinos, including betting and lotteries. This way, no matter what new products the casino launches, the supervision can keep up.

At the same time, major shareholders in casino operators now need the approval of the Minister of Home Affairs if they want to divest or acquire. This is to ensure that the operation of the casino is aligned with the government's strategic goals and prevent bad criminal influences from entering the casino.

It is worth mentioning that the amendment clearly states that cryptocurrencies will not be licensed by the GRA for use as casino chips. This is because officials in the country are concerned that cryptocurrencies may be used for money laundering.

In addition, the amendment also increases the penalties for certain violations. Actions that may have only been fined before may now be sentenced to imprisonment.

Meanwhile, the government has also increased penalties for minors trying to enter casinos with fake proof of age, with fines increasing from $1,000 to $10,000.

In short, Singapore is trying to be socially responsible while promoting economic growth. The government recently increased casino tax rates to balance competitiveness and revenue needs.

💭 Finally, what do you think of Singapore's decision to ban the use of cryptocurrencies in gambling? Do you think this is an effective way to curb illegal activities? Share your views in the comments!

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