HONG KONG, CHINA – Media OutReach – 12 November 2019 – Cash is king, Gold is better. There is more than one reason bitcoin is dubbed as “digital gold” in time of turbulence. TideBit, as the largest and safest bitcoin to fiat exchange in Hong Kong and frequently quoted for its signature pair BTC/HKD and ETH/HKD, is grasping a golden opportunity presented by HK Securities and Futures Commission (SFC).
During the Hong Kong Fintech Week, the HK SFC issued regulatory policies for digital currency exchanges. Two major take-away points:
1. The new rules will apply to security tokens and digital assets only, but not to mainstream cryptocurrencies such as Bitcoin or Ethereum as regarded as commodity, not securities.
2. SFC warned investors about the risks associated with the trading of futures contracts, which are highly leveraged, largely unregulated and exposed to tremendous risk.
TideBit exchange platform token TBT rose nearly 30% after the announcement, and the volume of transactions also surged more than three times within one day. A TideBit speaks person commented: “TideBit welcome the new SFC framework to proactively protect the investors. In the long run, only the self-disciplined, self-regulated exchanges with vision could reap the long-term benefits of blockchain technology and decentralized community. I am extremely excited by the opportunities presented by the SFC framework. TideBit has been operating under compliance and welcomes the SFC policies.”
The Hong Kong Fintech Week, presented by InvestHK and organized by FINNOVASIA is one of Asia’s biggest fintech events. Themes of this year’s event include the latest Fintech developments in Hong Kong and the new entrants to the city’s financial services industry. These include virtual banks, digital insurers and those driving the development of new technologies, including artificial intelligence, big data and blockchain. TideiSun Group’s TideBit is the Asia’s largest and safest bitcoin to fiat exchange. Users can sign up, deposit fund and trade within 10 minutes.