Hong Kong SFC opens session to manage crypto exchanges

The Securities and Futures Fee (SFC) of Hong Kong has known as on the general public to supply suggestions on its proposed regulation for crypto exchanges in search of to serve retail buyers in Hong Kong.

The Hong Kong authorities obtained a number of commendations from the crypto neighborhood following its plan to legalize crypto buying and selling for retail buyers from June 1.

Nevertheless, to make sure a protected funding surroundings, the SFC Chair Julia Leung mentioned that retail buyers would solely be allowed to commerce extremely liquid crypto property.

Exchanges to acquire a license from the SFC

In gentle of Hong Kong’s plan to legalize crypto buying and selling, the SFC announced on Feb. 20 that it had launched a session paper for the general public to supply suggestions on the fee’s regulatory plan for crypto exchanges.

Beneath the SFC’s requirements, all crypto exchanges providing buying and selling providers in Hong Kong should be licensed by the SFC.

The SFC mentioned it’s in search of suggestions on whether or not to permit licensed exchanges to serve retail buyers and the measures to be applied to make sure ample investor safety.

SFC Chair Julia Leung mentioned the proposed necessities embrace strong measures to guard buyers — following the ‘same business, same risks, same rules’ rules.

The fee has invited all crypto market members to supply suggestions on its proposed regulatory necessities on or earlier than March 31.

As well as, the SFC has urged crypto exchanges prepared to proceed working in Hong Kong to duly apply for a license, whereas those that don’t intend to use for a license ought to shut down their operations.

Huobi strikes to acquire Hong Kong license

Tron founder and Huobi adviser Justin Solar announced on Feb. 20 that Huobi will likely be launched in Hong Kong because it seeks to acquire a crypto buying and selling license from the SFC.

“With the new license, Huobi will be able to expand its services and offerings to customers in Hong Kong, providing a wider range of crypto trading and investment options,” Solar mentioned.

The brand new exchange- Huobi Hong Kong- will likely be centered on offering buying and selling providers for institutional buyers and high-net-worth people.

Posted In: Hong Kong, Regulation

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