Crypto / SGP - example of the big West to East shift

Career politicians in the ever business hostile West want to protect you:

Enough ‘Feeble Warnings’, Regulate ‘Wild West’ Crypto Market: UK Lawmakers
This is the conclusion following a formal inquiry launched by the UK’s Treasury Select Committee, a powerful group of cross-party MPs, into cryptocurrencies: “The introduction of regulation should be treated as a matter of urgency”.

Hmmm...

On the other side of the world, to where the future global financial centre will no doubt shift, seem to see this development as an opportunity to steal what lunch is left on the West’s table:

The Monetary Authority of Singapore (MAS)… believes that no tokens it has seen need to be regulated under its securities laws… regulators like the U.S. Securities and Exchange Commission… can be expected to come to a different conclusion.

This is a trend that is emerging globally where all the Western governments are choking to death business vitality (FATCA/MIFID/GDPR/AML, etc) whilst the East watches this self-immolation with glee… Singapore is the prime jurisdiction to benefit, and this is another reason why we like it for property investing; sorry but HK is not longer such a nimble winner in this game, because it is ruled by career civil servants who are no better than the politicians in the West.

How sad but how inevitable!

iMoney 567期封面故事 “樓市轉勢?入市部署4訊號” 的訪問

載於《HKET iMoney雜誌567期》 (1 September 2018)

本港樓市連升多個月後，多間大行發表唱淡樓價的報告。Bricks and Mortar主席兼總裁王震宇在iMoney 567期封面故事 “樓市轉勢?入市部署4訊號” 中接受訪問： “王震宇先生認爲，樓市有機會已出現轉勢，他指出樓價已上升近15年，升幅已有長時間，目前樓市已經到一個臨界點。他表示，現時樓市最大的不利因素有三，分別為一、經濟見頂；二、息口上升；三、樓價過高【應爲：政策風險極大】.”

With Hong Kong property prices reached new highs, a number of analysts have turned more bearish. In the latest cover story in iMoney Magazine, Mr Wong is quoted to have 3 concerns home buyers should be aware of going forward: 1) we are at the peak of the current economic cycle; 2) potential rapid rise in interest rates; 3) continued policy risks distorting property market.

旅館條例無新意 規管民宿紓或堵？

《2018旅館業（修訂）條例草案》上週提交立法會首讀，但Airbnb委託獨立機構的調查顯示，77%受訪者支持否決旅館條例修正案。

民政事務局發言人說：「《條例草案》的目的，是改善現行發牌制度、利便執法行動及加強阻嚇力以打擊無牌酒店及賓館。」政府試圖收緊法例，料今後香港民宿業務將受更加嚴厲的限制，然而市場普遍對政府只顧「打擊非法」卻遲遲不立新法的因循態度表示失望。中文大學學者陳志邦認爲政府應考慮修訂法例容納共享經濟，同時將其引入正途，以配合新經濟模式發展。

早在今年2月23日的《港府故步自封 新經濟冇運行》一文中，筆者已經闡述Airbnb在香港與紐倫星等先進城市在待遇上的不同，證明了港官在共享經濟思維已是史前動物，遠遠落後於其它國際城市。香港政府無視法制創新，反助既得利益者打壓新興競爭的做法，不單使香港在新經濟大放異彩的大時代束手待斃，亦令有志于新業態的投資者及經營者心死。

The Hotel and Guesthouse Accommodation (Amendment) Bill 2018 was submitted to the Legislative Council for first reading last week. At the same time, a survey commissioned by Airbnb revealed that 77% of the 800 Hong Kong residents interviewed wanted the Legislative Council to veto the amendments.

A Home Affairs Bureau spokesperson said, "The Bill seeks to improve the existing licensing regime, facilitate enforcement actions and enhance deterrence against unlicensed hotels and guesthouses." As a result, B&Bs in Hong Kong are expected to face stricter regulations in future. However, the market has widely questioned the government’s emphasis on strict compliance with no heed paid to a changed environment due to innovations. A scholar at the CUHK advocated the government to adapt to new economic reality and amend regulations to accommodate the sharing economy, rather than persecute it.

Your author has analyzed the varying fates of Airbnb in New York, London, Singapore and Hong Kong in an earlier article, highlighting how far the governance mindset in Hong Kong has lagged behind other global cities. The government is demonstrating by action that it favours vested interests and protects them from emerging competition. Is it any wonder that more people sense the ever slipping technological advantage that Hong Kong has enjoyed, and that the city is slipping ever further behind in the era of innovation? 

More governments facilitating crypto business or adopting blockchain to ease regulatory burden for businesses

More governments facilitating crypto business or adopting blockchain to ease regulatory burden for businesses… HK again is conspicuous by its inactivity, see below two developments:

1. Switzerland Considers Granting CryptoBusinesses Access to Banking Services

• Swiss regulators and financiers are working to remove the obstacles: Setting up a taskforce and a set of standards for ICO startups in order for Crypto companies to receive banking services in Switzerland

• Switzerland is under pressure as competition from Malta, Gibraltar and Singapore becomes fierce… as they pulled out all stops to attract Crypto companies

• With a vision of becoming a Crypto Nation, both the government and banks recognize the benefits … and wish to promote Switzerland as a financial and technology hub

2. The State of Delaware awarded IBM$738,000 to create a blueprint for their blockchain based corporate filingsystem

• In 2016, the former governor of Delaware had the ambition to embrace blockchain technology by adding the state’s public archives to a blockchain

• legislation was introduced in 2017 to support blockchain which allow companies to keep their corporate records on the blockchain in order to maintain accurate data. IBM will design the blueprints for what could become Delaware's future blockchain-based corporate filing system

近年，外國政府正積極通過放寬法律限制來推動加密貨幣及區域鏈發展，對比之下香港顯得相形見絀，見以下兩則新聞；

1. 瑞士正考慮容許加密貨幣公司使用銀行服務

• 瑞士政府及金融界人士正積極為加密貨幣開路；包括委任專責人士及設立一系列首次代幣發行標準，讓相關公司能夠使用銀行服務。
• 馬爾他、直布羅陀、新加坡等國正不斷為加密貨幣業立法開路，瑞士的領導地位面臨巨大挑戰。
• 瑞士政府及銀行希望透過加密貨幣來鞏固瑞士金融科技中心的地位，把瑞士打造成加密貨幣王國。

2. 特拉華州與IBM達成價值七十多萬美元的區域鏈相關合同，為特拉華州建立企業內容管理系統

• 前州長在兩年前大力推動區域鏈相關發展，為州內公眾文件建立區域鏈。
• 政府在2017年立法容許公司利用區域鏈來保存企業檔案，以增加資料準確性。IBM將為特州建立企業內容管理系統區域鏈。

Metro Radio -香樹輝King King傾 20180706

 上月底，政府推出新房策六招，在社會上引起廣大迴響，各界均議論紛紛，究竟是次房屋政策會對香港長遠的樓市有何影響？筆者今早出席新城電台的香樹輝King King傾，與King Sir論新房策之優劣及未來樓市的走勢。

此外, 筆者亦接受香港電台的訪問, 以下節錄自香港電台的報導:


政府計劃將9幅私樓地改劃為公營房屋，將會減少私樓供應，市場需求較大時反而推高樓價；而發展商更可能因為逃避空置稅，在售完貨尾後，轉為拖慢建屋工程進度及延遲申請滿意紙，甚至將單位出租，影響私樓供應。

王震宇認為，政府應將所有土地供應全數撥入私人市場，確保私樓市場長遠有充足供應，相信有助發展商加快銷售速度，樓價走勢因而向下。

王震宇又指，目前居屋家庭入息上限已涵蓋全港75%市民的入息範圍，甚至高於私樓家庭的入息中位數，會令更多市民抽居屋，增加市場對居屋的需求。他又指，將居屋售價折扣由7折變為52折，最終令居屋未能流轉至二手市場，因政府提供更多折扣令補地價難度更高，減低市民日後換樓的彈性。

他又提到，美國聯儲局加息步伐已快過市場預期，近期市場已調高今年加息次數的預測，加上憂慮歐債危機或於明年再現，而中美貿易摩擦或會令美國入口通脹升溫，聯儲局就有更大誘因加息，這些因素會令未來息口上升幅度出遠出乎市場預期，對本港樓價壓力大。

資料來源: http://news.rthk.hk/rthk/ch/component/k2/1405520-20180706.htm