Cardano

April

Foundation

The Hong Kong Securities and Futures Professional Association&nbsp; (<a rel="nofollow" href="https://www.hksfpa.org/file.aspx?clid=143&amp;atid=1740&amp;lan=1" target="_blank">HKSFPA</a>) has recommended the creation of an independent self-governing organization for crypto regulation among others. 
In an April 22 release, the body tipped self-regulation for the securities and futures industry, asset management, and cryptocurrencies. According to the statement, to boost the overall economic capability of the region, a form of crypto self-regulation is needed.&nbsp; 
Comparing the proposal to other countries, the body added that jurisdictions that develop at a fast pace have some form of semi-official industry regulation to focus on development.&nbsp; 
“The Association has discovered that many economically developed regions in the world, including my country, have established statutory semi-official industry self-regulatory institutions to focus on industry development and maintenance of market ecology. Therefore, the Association believes that Hong Kong can refer to a similar approach…” 
<h2 id="strong-potential-market-utility-strong">Potential Market Utility</h2> 
Per the release, the body focuses on the development of market structure and crypto regulation. If a sector becomes partially self-regulatory, some flaws will be detected internally between companies before getting to the financial regulator giving it an all-round flavor. 
Also, the <a href="https://coingape.com/tag/hong-kong-sfc/" target="_blank" rel="noopener">financial regulator</a> will not be overburdened making it function better to protect investors in the market. This will promote a healthy competitive ecology through multiple proposed models. The body rolled out four methods for authorities to throw more light.&nbsp; 
“The independent member self-regulatory organization model uses two methods to foster a competitive securities market: first, accelerate business focus, relieve some of the regulatory responsibilities of stock exchanges and regulatory agencies, make it more competitive, and promote securities trading can focus on business development..”&nbsp; 
<h2 id="strong-crypto-firms-involved-in-regulation-strong">Crypto Firms Involved in Regulation&nbsp;</h2> 
Stakeholders will be responsible for business conduct relating to adverts, a certain corporate governance level, and positioning the jurisdictions globally. In recent months, global regulators have ramped up efforts to protect investors with the increase of <a href="https://coingape.com/jpex-crypto-exchange-assets-frozen-by-hong-kong-police-over-alleged-fraud/" target="_blank" rel="noopener">bad actors</a> in the space.&nbsp; 
These regulations rolled out by authorities are sometimes described as market stifling but an approach driven by participants will aid the development of the sector.&nbsp; 
Also Read: <a href="https://coingape.com/cardano-foundation-debut-pragma-to-drive-open-source-project-development/" target="_blank" rel="noopener">Cardano Foundation Debut PRAGMA to Drive Open-Source Project Development</a>&nbsp; 
The post <a href="https://coingape.com/hong-kongs-securities-association-tips-authorities-on-crypto-self-regulation/">Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation

Table of Contents

Coingape News Media

Other articles published on Apr 22, 2024

Elevating Possibilities: The Countdown for WBS Dubai Begins!

BlockDAG Coin Attracts Over $19M In Presale, Surpassing Solana And OKB In Initial Investor Trust

cLabs develops Celo as Ethereum Layer 2 on Optimism’s OP Stack

Shiba Inu Network Restores Functionality After a Brief Interruption

Veteran Crypto Analyst Reveals Winning Strategies for Bitcoin’s (BTC) Runes Mania; Here’s His Out...

How Bitcoin ETF, Halving, And BTCX Can Drive Mainstream Adoption Of Crypto

Join our free newsletter for daily crypto updates!