Hong Kong security regulator to issue guidelines for crypto licensing in May

Reportedly, Hong Kong’s Securities Futures Commission (SFC) will issue guidelines regarding cryptocurrency exchanges next month.

Cryptocurrency exchange guidelines

On April 27 reported Bloomberg said SFC CEO Julia Leung has indicated that the committee has plans to issue guidelines regarding cryptocurrency exchange.

These guidelines are expected to support crypto trading platforms in providing trading services to retail investors from June 1. The report Leung was probably referring to emphasized that anti-money laundering (AML) and Know Your Client (KYC) regulatory requirements would be key.

The licensing regime has been subject to a consultation process and more than 150 responses have reportedly been received from interested parties.

SFC already oversees some trading platforms

While most prospective Virtual Asset Service Providers (VASP) licensees are still pending confirmation, there are some trading platforms that are already offering crypto-related services to investors under the supervision of the SFC. According to Reuters, OSL and Hashkey Group have already been allowed licenses from the SFC received.

Although Hong Kong has the ambition to become the next crypto hub, not all trading platforms have (yet) chosen to stay for the long term. Bitget, a crypto exchange with around $1.4/€1.3 trillion in reserves, has even opted to stop offering services to Hong Kong customers when the VASP regime takes effect on June 1. to go. It is not yet known whether more exchanges will follow.

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