Photo from Pixabay

Hong Kong’s SFC to allow crypto trading

Final guidelines for crypto investment will become effective starting 1 June 2023.

The Securities and Futures Commission (SFC) of Hong Kong said it concluded the consultation for the regulation of virtual asset or cryptocurrency trading platforms.

Its finalised guidelines will be effective starting 1 June. Platform operators of crypto trading platforms who are equipped to comply with SFC’s guidelines are welcome to apply for licensure.

Businesses that have no intention of doing so should take the necessary steps to ensure an organised closure of their operations in Hong Kong.

In the ‘Consultation Conclusions on the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators Licensed by the SFC’ document, it stated that the commission received proposals regarding crypto trading platforms and their operability.

ALSO READ: What’s in store for crypto’s future after the FTX debacle

The period of consultation ended last 31 March, to which the SFC obtained 152 written responses from professionals across different institutions in the industry.

The majority of respondents supported the proposal to permit licensed trading platform operators to serve retail investors. 

To protect these investors, the SFC will implement measures such as suitability checks during onboarding, good governance practices, enhanced token due diligence, admission criteria, and comprehensive disclosures.

 

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Australian banks' credit risk rises amidst high debt, economic uncertainty
National Australia Bank reported an 8.1% decline in cash earnings.Australian banks face heightened risk of rising credit losses as high household debt levels, elevated interest rates, and global economic uncertainties continue, according to S&P Global Ratings.
Retail Banking
Visa launches new products to boost flexibility, security in APAC
It also partnered with QR payment providers across the region for cross-border payments.Visa has introduced several new products and services aimed at enhancing payment flexibility and security in Asia Pacific.
Cards & Payments