Hong Kong security regulator to predicament crypto license pointers in Can also

The Hong Kong Securities Futures Rate (SFC) is reportedly location to originate cryptocurrency replace licensing pointers next month.

The plans possess been reported by Bloomberg on April 27, which cited comments from the SFC’s CEO, Julia Leung.

The incoming pointers will provide enhance to crypto trading platforms that can have the choice to produce trading companies and products to retail investors on June 1.

Leung acknowledged the consultation assignment on the licensing regime got over 150 responses from events, per Bloomberg.

Anti-Money Laundering (AML) and Know Your Shopper (KYC) regulatory necessities possess been one of the key concerns made in the Feb. 20 document that Leung modified into as soon as presumably relating to.

Julia Leung, CEO, the Securities and Futures Rate Hong Kong speech at Bloomberg #virtualasset #esg #wealthconnect #ifc pic.twitter.com/M1eCHLP1VZ

— Finance Mandarin 漢通金融學院 (@FinanceMandarin) April 27, 2023

While affirmation awaits for most doable Digital Asset Provider Provider (VASP) licensees, some trading platforms possess already begun providing crypto-connected companies and products to investors below the SFC’s supervision.

OSL and Hashkey Community are amongst the few trading platforms to already possess licenses from the SFC, according to Reuters.

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Despite Hong Kong’s ambition to turned into the next crypto hub, no longer every trading platform has chosen to stick around for the prolonged haul.

Bitget — a crypto replace with $1.4 trillion sources in reserve — announced on April 24 that this could per chance cease providing companies and products to its Hong Kong possibilities when the Hong Kong VASP regime takes enact on June 1.

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