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.
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.
About TideiSun Group
TideiSun Group is a global
FinTech and media group known for its business model innovation. We operate
both public and private subsidiaries, embrace venture capital and private
equity with the creative token economy, accelerate enterprise adoption of
blockchain and AI technology, bridge the gap between digital assets and fiat
currencies, and promote the exchange and management of digital assets.