HomeBlockchainBlockchain NewsHong Kong security regulator to launch Crypto Guidelines Soon

Hong Kong security regulator to launch Crypto Guidelines Soon

According to reports, the Hong Kong Securities Futures Commission (SFC) will publish licensing requirements for cryptocurrency exchanges the next month.

The forthcoming regulations will support cryptocurrency trading platforms, which will be permitted to provide trading services to retailĀ investors on June 1.

Over 150 responds were sent during the licensing regime consultation process, according to Leung.

Some of the major points raised in the Feb. 20 report to which Leung was apparently alluding included Anti-Money Laundering (AML) and Know Your Client (KYC) regulatory obligations.

While most prospective Virtual Asset Service Provider (VASP) licensees are still awaiting confirmation, several trading platforms have already started providing investors with cryptocurrency-related services while being regulated by the SFC.

According to Reuters, OSL and Hashkey Group are two of the few trading platforms that have previously been granted licenses by the SFC.

Even if Hong Kong wants to be the next major crypto hub, not all trading platforms have opted to stay for the long run.

When the Hong Kong VASP system goes into effect on June 1, Bitget, a cryptocurrency exchange with $1.4 trillion in reserve assets, said on April 24 that it would stop providing services to its Hong Kong clients.

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