Hong Kong Prepares to Issue Licensing Guidelines for Cryptocurrency Exchanges

Hong Kong’s Securities and Futures Commission (SFC) is said to be releasing guidelines for cryptocurrency trading licensing next month.

The forthcoming guidance will provide support for cryptocurrency trading platforms that can offer trading services to retail investors on June 1.

Leung Wing-shan, chief executive of the Securities Regulatory Commission, said that the consultation process on the licensing system received more than 150 responses from relevant parties.

Anti-money laundering (AML) and know-your-customer (KYC) regulatory requirements are some of the key considerations raised in the Feb. 20 report that Leung may be referring to.

While most potential virtual asset service provider (VASP) licensees are awaiting confirmation, many trading platforms have begun offering crypto-related services to traders under the supervision of the SFC.

OSL and Hashkey Group are among the few trading platforms licensed by the SFC, according to Reuters.

Despite Hong Kong’s ambitions to become the next cryptocurrency hub, not every trading platform is choosing to stick around for the long term.

Bitget — a cryptocurrency exchange with $1.4 trillion in reserve assets — announced on April 24 that it would stop serving customers in Hong Kong when Hong Kong’s VASP regime comes into effect on June 1.


As reported by Cointelegraph

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