By November, the Hong Kong government launched a consultation to ban retail investors from trading in cryptocurrencies and force exchange operators to obtain licences to stop money laundering and terrorism financing.
Reacting to this move, the Bitcoin Association of Hong Kong has proposed that the new anti-money-laundering law should not affect bitcoin automatic teller machines (ATMs), from where retailers buy and sell bitcoins.
This is because a section of the consultation paper highlighted that the Financial Services and
the Treasury Bureau will consider regulating cryptocurrency ATMs “when the market is ready.”
In Hong Kong, there are about 60 ATMs that aid the buying and selling of bitcoins.
In the last 24 hours, bitcoin went up by 4.98%, with a current price of $24,351.05. Within 24 hours, bitcoin dropped to $23,099.53 low and experienced $24,667.63 high. The trading volume of bitcoin in the last 24 hours is $36.29B. The current market capitalization of bitcoin is $452.44B. Currently, 18,580,731.25 bitcoins are in circulation.
Stats and Image by Coin Desk
According to the co-founder of the Bitcoin Association of Hong KongLeo Weese, stiff regulations from the government has led uncertainties for crypto start-ups and their investments.
“Stricter oversight of bitcoin has created uncertainties for start-ups and their blockchain-related investments,” he said.
Weese believes that restricting the use of ATMs by retailers to access bitcoin means that the government are overdoing things.
“To restrict retail individuals from accessing bitcoin would be overshooting the government’s goals of promoting innovation and financial inclusion” he added.