The crypto business guidelines were reportedly disclosed by the CEO of Hong Kong’s Securities Futures Commission, Julia Leung.
The Hong Kong Securities Futures Commission (SFC) is reportedly set to release cryptocurrency exchange licensing guidelines coming month.
The plans were told by Bloomberg on April 27, which cited comments from the SFC’s CEO, Julia Leung.
The incoming guidelines will give support to crypto trading platforms that will be able to offer trading services to retail investors on June 1.
Leung told the discussion process on the licensing regime received over 150 answers from interested parties, according to Bloomberg.
Anti-Money Laundering (AML) and Know Your Client (KYC) regulatory conditions were some of the key considerations made in the Feb. 20 report that Leung was presumably referring to.
While confirmation awaits for utmost prospective Virtual Asset Service Provider (VASP) licensees, some trading platforms have earlier embarked on giving crypto-related services to investors under the SFC’s supervision.
OSL and Hashkey Group are among the trading platforms to have earlier received licenses from the SFC, according to Reuters.
Related Hong Kong’s crypto ambition gets subtle nod from Beijing Report
Despite Hong Kong’s ambition to become the coming crypto hub, not every trading platform has chosen to stick around for the long haul.
Bitget — a crypto exchange with $1.4 trillion assets in reserve — published on April 24 that it'll cease offering services to its Hong Kong customers when the Hong Kong VASP governance takes effect on June 1.
(BRAYDEN LINDREA, Cointelegraph, 2023)