Dear TideBit customers,
The company noted that the Hong Kong government will establish a licensing system for virtual asset service providers in accordance with the "Regulations on Combating Money Laundering and Terrorist Financing", which is currently under public consultation until January 31, 2021.
The company is closely monitoring the impact of relevant regulations on the company's operations in Hong Kong, and will adjust its operating strategy in response to the implementation of the regulations. At present, all trading activities on the TideBit platform remain normal, and will actively maintain the position of Hong Kong's leading trading platform and continue to promote customer acquisition. Any compliance adjustments will be announced to everyone in due course.
Regarding the licensing system, the company believes that it may prevent ordinary users from continuing to participate in bitcoin and other cryptocurrency transactions in Hong Kong. Under this licensing system, cryptocurrency exchanges can only be opened to professional investors, that is, individuals must have an investment portfolio of at least HK$8 million or more. High threshold account opening requirements will stifle general users' demand for cryptocurrency trading. In view of this, the company welcomes everyone to follow the draft document linked below (https://www.fstb.gov.hk/fsb/chinese/ppr/consult/doc/consult_amlo_c.pdf) on January 31, 2021 On or before the same day, submit written submissions to the Financial Services and the Treasury Bureau in any of the following ways:
By post: Section 5, Financial Services Division, Financial Services and the Treasury Bureau, 24th Floor, Central Government Offices, Tim Mei Avenue, Tamar, Hong Kong
Fax: (852) – 2527 0790
Even in the absence of a relevant licensing system, the company has always had strict measures to combat money laundering, such as real-name registration, multi-step security verification, and proof of source of funds. The company believes that it can continue to provide everyone with the most convenient cryptocurrency transaction service.
November 4, 2020