News Hong Kong Tightens on Crypto after Money-Throwing Incident

Hong Kong Tightens on Crypto after Money-Throwing Incident

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Wong Ching KitA man wearing a dark hoodie began hurling a huge number of HK $100 notes from a housetop, sending a swarm of spectators into a condition of mass agitation in Hong Kong.

Chinese 24-year old Bitcoin mogul Wong Ching Kit 黄鉦杰 otherwise known as Bi Shao Ye 币少爷 (Mr. Coin) tosses 100-dollar notes worth a huge number of HKD from a rooftop top in Sham Shui Po. He said that he feels as though he is God and he has to teach the world about bitcoin.

Cops kept him when he began to give out the money, referring to public disorder charges. Wong, not one to timid far from an publicity stunt, live-streamed the capture on Facebook. Sitting in a police van between two officers, he stated: “I am now under arrest by police.”

Many realized that this cash-tossing episode was an enormous publicity stunt for him for his FCC (FileCash Coin) venture.

Hong Kong is set to fix controls on digital forms of money, with plans to put trades, merchants and other related organizations under the oversight of the Securities and Futures Commission.

With less stringent standards on advanced monetary forms than Mainland China, where all crypto-related business exercises are adequately restricted, Hong Kong has turned into a flourishing business sector for initial coin offerings. Be that as it may, worries over extortion and illegal tax avoidance have provoked the controllers vigorously.

The proposed directions, which are to be actualized in stages, will likewise imply that organizations can just issue ICOs for tokens that satisfied SFC’s prerequisites. For example, the tokens probably existed for no less than a year.

Some contend that higher exchanging costs likewise dishearten institutional speculators from entering the market, hosing trusts that their quality will help balance out it. The counter contention is that more tight directions may prompt more prominent speculator certainty as time goes on.

Get the latest in Asian Bitcoin news here at Coin News Asia.

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