Hong Kong’s Securities Futures Commission (SFC) plans to release guidelines for licensing cryptocurrency exchanges in May 2023
At a Bloomberg event, Julia Leung, the CEO of Hong Kong’s Securities and Futures Commission (SFC), disclosed this information.
According to the CEO of SFC, The consultation process on the licensing regime received feedback from more than 150 interested parties.
The forthcoming guidelines are expected to feature regulatory stipulations for Anti-Money Laundering (AML) and Know Your Client (KYC) procedures, Among the other considerations. The SFC’s report from February 20 also emphasized the significance of these factors in the regulation of virtual assets.
During a speech in Hong Kong on March 20, Christian Hui, the Secretary for Financial Services and the Treasury, Stated that a number of cryptocurrency companies from various parts of the globe have expressed interest in Hong Kong since October 2022.
There was no indication by the agency regarding which large-cap tokens would be permitted. According to a report by FT, retail customers are expected to have access to the two largest cryptocurrencies. These Largest cryptocurrencies are Bitcoin and Ethereum by the market Cap.
Hong Kong’s Goal of becoming center of all cryptocurrencies:
Hong Kong is positioning itself as a leading cryptocurrency hub.
Christopher Hui, Secretary for Financial Services and the Treasury, recently gave a statement. She asserted that Hong Kong has a strong potential to be a prominent center for Web3 in Asia and beyond. It places significant value on virtual assets and Web3.
It was revealed by Nikkei Asia, That Several Chinese cryptocurrency businesses are considering Hong Kong to allow their customers to trade Bitcoin and Ethereum. These include financial firms and Banks.
SFC hopes that it may attract more reputable and compliant crypto exchanges to operate in the city. It will enhance its competitiveness and reputation as a global financial hub.
Related post: Australia Emerges as a Bitcoin ATM Hub
Comments (No)