Hong Kong Set to Release Crypto Exchange Licensing Guidelines in May
• The Hong Kong Securities Futures Commission (SFC) is reportedly set to release cryptocurrency exchange licensing guidelines next month.
• Julia Leung, CEO of the SFC, said the consultation process on the licensing regime received over 150 responses from interested parties.
• Some trading platforms have already begun offering crypto-related services to investors under the SFC’s supervision.
Hong Kong Security Regulator To Issue Crypto License Guidelines In May
The Hong Kong Securities Futures Commission (SFC) is reportedly set to release cryptocurrency exchange licensing guidelines next month. The plans were reported by Bloomberg on April 27, which cited comments from the SFC’s CEO, Julia Leung.
Consultation Process Received Over 150 Responses
Leung said the consultation process on the licensing regime received over 150 responses from interested parties, according to Bloomberg. Anti-Money Laundering (AML) and Know Your Client (KYC) regulatory requirements were some of the key considerations made in the Feb. 20 report that Leung was presumably referring to.
Trading Platforms Offering Crypto Services Under SFC Supervision
While confirmation awaits for most prospective Virtual Asset Service Provider (VASP) licensees, some trading platforms have already begun offering crypto-related services to investors under the SFC’s supervision. OSL and Hashkey Group are amongst the few trading platforms to have already received licenses from the SFC, according to Reuters.
Bitget Ceasing Services To Hong Kong Customers On June 1st
Despite Hong Kong’s ambition to become the next crypto hub, not every trading platform has chosen to stick around for long haul. Bitget — a crypto exchange with $1.4 trillion assets in reserve — announced on April 24 that it will cease offering services to its Hong Kong customers when VASP regime takes effect on June 1st.
Conclusion
The incoming guidelines will provide support to crypto trading platforms that will be able offer trading services retail investors on June 1st as companies respond positively or negatively depending their individual interests and ambitions when it comes regulation in Hong Kong’s growing digital asset sector..
