Hong Kong’s securities regulator has warned citizens to stay away from many cryptocurrency exchanges that appear to be genuine but are not.
Hong Kong is a cryptocurrency-friendly jurisdiction. Since mid-2023, cryptocurrency trading has been fully legal under the precise rules and laws of Hong Kong jurisdiction. As we know, Hong Kong is a special administrative region of China, but unlike China, Hong Kong is cryptocurrency friendly. As of December 2021, cryptocurrency trading has become completely illegal in mainland China.
Recently, the Hong Kong Securities and Futures Commission (SFC) issued a public warning message to all citizens trading cryptocurrencies.
The SFC agency has launched a series of fake cryptocurrency exchanges to show off genuine or other reputable platforms.
This is not the first time the SFC agency has warned citizens about fake cryptocurrency exchanges. A similar warning came out in early February from the SFC agency warning people about the fake “MEXC” cryptocurrency exchange.
While these types of cryptocurrency-related awareness warnings and information from regulators are greatly appreciated, it is sad to see malicious actors actively trying to defraud people using various types of tactics.
Hong Kong and employment
Due to the Hong Kong jurisdiction’s cryptocurrency-friendly rules, many Chinese people travel to Hong Kong to pursue cryptocurrency and blockchain-related jobs.
Reportedly, a very large portion of mainland China’s population has moved to Hong Kong to take up jobs there. This shows that Hong Kong is benefiting greatly from its Bitcoin adoption strategy.
It will now be interesting to see how Hong Kong’s regulators will fight malicious actors associated with cryptocurrencies, whether they will partner with blockchain security companies or form isolated teams to fight.
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