Hong Kong licensed attorney Gilbert NG said the SEC lawsuit could potentially affect the license application process in Hong Kong.
Gilbert NG shed light on the implications of the actions of the United States Securities Commission (SEC) on Hong Kong’s regulatory environment. NG addressed the potential impact of this approach to cryptocurrency platforms by the SEC on Hong Kong’s licensing procedures.
NG Addresses Regulatory Differences Between Two Countries
NG noted that it observed the contradictory approach taken by the SEC to Binance and Tether.
According to NG, the SEC’s demand for Binance to leave the United States completely Hong Kong It may have negative consequences for its operations in other regions, including where it may seek license approval. According to the lawyer, another important disparity is seen in the definition of securities between the USA and Hong Kong. Some cryptocurrencies USAWhile it may be considered a security token in Hong Kong, it may not fall under the same classification.
Since the United States does not have specific laws and regulations regulating cryptocurrencies, there is some degree of uncertainty in terms of regulatory enforcement.
While the United States has taken a stricter stance characterized by lawsuits, scrutiny and vague regulatory guidelines, countries such as Hong Kong, Japan, and the UAE have taken steps to establish clear rules and examples of compliance for crypto businesses.
