Hey guys welcome back to my new blog. a few days ago I shared a blog regarding Hong Kong becoming a crypto hub and Crypto firms choosing Hong Kong to manage their crypto-related services but here I have bad news regarding the HTX application HTX exchange has withdrawn its applications in Hong Kong. On 23 February HTX withdrew its application Because of this crypto community is confused.
In the last two months almost 18 crypto exchanges applied for the licence And this is happened first time that any exchange has withdrawn the application. this is a surprise for the Crypto community Because no one thought that this would happen and HTX is the big exchange in the Crypto community.
In the global Crypto Space HTX is one of the big players. Now you may be thinking what is the reason I cannot give you the exact reason but I’m talking about possibility. Meanwhile, the SFC means Securities and Futures Commission has revealed that the HTX exchange has withdrawn its application just days before the deadline for crypto exchanges to obtain legal authorization in Hong Kong. So if we look at this step, it can be assumed that the HTX team has decided to step back because of the regulatory challenge.
The second possibility is a regulation challenge in the global market. So this is not just a problem for Hong Kong but it is going to be affected globally because these regulation challenges are hard and it is difficult to follow for the exchanges. HTX is well known exchange and almost all major coins are listed on the exchange HTX has users from globally which is why this is a very important exchange for the Crypto market.
Though this is centralized it is also a better option for many people because variety is important When you use centralized exchanges users can choose according to their needs. I have the same case because you know that in India if I trade on the exchanges that come under the PMLA act, My transactions will be tracked For this reason I am not using these exchanges because I don’t want to share my data.
Many users do not want to pay any taxes because this is a very high tax. Tax is a necessary thing but you cannot pay almost half of the amount as a tax, IT SHOULD be reasonable it is also not guaranteed that your tax will go to the poor people of the country so in this case I am strict. The regulation policy of the government is strict and that is why exchanges cannot survive with this strict policy that is sometimes they stop the services for the users because it is difficult to manage all these things.
Many international exchanges will shut down in India and we will not be able to use these exchanges however in this case using decentralised exchanges is a good option for trade and I advise you to not withdraw until these strict rules of tax will changed. So that’s what I want to share in this post I would appreciate it if you share this post on social media using relevant tags. Take care and share your opinion in the comment section below have a good day ahead.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |