Hong Kong Lawyer, August 2019
Posted: 11 Feb 2020 Last revised: 5 Mar 2020
Date Written: August 1, 2019
The component parts of a more complete market system in digital assets are steadily being assembled. The initial focus on the primary market has increasingly expanded to the secondary market. An increasingly important subject of regulatory concern is the activities of cryptoexchanges. This article reviews different cryptoexchange models and the responses of regulatory agencies. It considers the pathway issues for the development of a regulated secondary market in digital assets and explores the conditions necessary for regulatory development that avoids reshaping and confining the possibilities offered by cryptographic consensus technology (“CCTech”).
Keywords: Crypto, Cryptocurrency, Cryptoexchange, SEC, SFC, FCA, Digital Asset, Virtual Asset, Exchange Regulation, Securities Regulation, ICO, STO, Initial Coin Offering, Securities Token Offering
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