The Hong Kong Securities Futures Fee (SFC) is reportedly set to launch cryptocurrency alternate licensing pointers subsequent month.
The plans have been reported by Bloomberg on April 27, which cited feedback from the SFC’s chief government Julia Leung on Thursday.
The incoming pointers will present help to crypto buying and selling platforms that may be capable of provide buying and selling providers to retail traders on June 1.
Leung stated the session course of on the licensing regime acquired over 150 responses from events, in accordance with Bloomberg.
Anti-Cash Laundering (AML) and Know Your Consumer (KYC) regulatory necessities have been a number of the key concerns made within the Feb. 20 report that Leung was presumably referring to.
Julia Leung, CEO, the Securities and Futures Fee Hong Kong speech at Bloomberg #virtualasset #esg #wealthconnect #ifc pic.twitter.com/M1eCHLP1VZ
— Finance Mandarin 漢通金融學院 (@FinanceMandarin) April 27, 2023
Whereas affirmation awaits for many potential Digital Asset Service Supplier (VASP) licensees, some buying and selling platforms have already begun providing crypto-related providers to traders below the SFC’s supervision.
OSL and Hashkey Group are amongst the few buying and selling platforms to have already acquired licenses from the SFC, in accordance to Reuters.
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Regardless of Hong Kong’s ambition to grow to be the subsequent crypto hub, not each buying and selling platform has chosen to stay round for the lengthy haul.
Bitget — a crypto alternate with $1.4 trillion property in reserve — introduced on April 24 that it’s going to stop providing providers to its Hong Kong clients when the Hong Kong VASP regime takes impact on June 1.
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