"One-size-fits-all" policy
Hong Kong's new cryptocurrency policy: strictly control mainland users, market turmoil revives
Hong Kong has recently adopted a "one-size-fits-all" policy for virtual currency exchanges, explicitly refusing mainland users to participate. This operation forced exchanges such as OK BN to withdraw their license applications, causing an uproar in the market. This move is undoubtedly a huge blow to the exchanges, which have lost a large number of mainland Chinese users and trading volume, and their competitiveness has been greatly weakened.
However, from another perspective, this move will also help combat illegal activities such as money laundering and fraud, and protect market order and investor rights.
Shenzhen also followed suit and issued a risk warning for virtual currency speculation, warning investors of the risks in the cryptocurrency market.
This move makes the future of cryptocurrency full of uncertainty. Regulators need to balance financial innovation and risk prevention, while exchanges need to respond flexibly to policy changes. How the market will evolve, we will wait and see.
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