The latest Bloomberg report suggests that the Hong Kong Securities Futures Commission (SFC) will soon release its cryptocurrency exchange licensing guidelines, providing crucial support to trading platforms. Starting from June 1, the guidelines will offer crypto trading services to retail investors.
Julia Leung, SFC’s CEO, confirmed that the commission formulated guidelines after a thorough consultation process with 150 interested parties. As a result, the report‘s focus was primarily on the regulatory requirements for Anti-Money Laundering (AML) and Know Your Client (KYC).
While prospective licensees await confirmation, some trading platforms already offer crypto-related services under SFC’s supervision.
Among the few platforms to have received licenses from SFC are OSL and Hashkey Group. These platforms contribute to Hong Kong’s aspirations to become Asia’s leading cryptocurrency financial hub.
The upcoming cryptocurrency exchange licensing guidelines from SFC will significantly boost the industry, legitimizing and regulating the market.
In addition, the recognition of crypto as a form of property by Hong Kong’s High Court in a recent case involving Gatecoin Limited and growing interest from Chinese financial service providers is a testament to the potential of this emerging industry in Hong Kong.
Also Read: Hong Kong to Form Task Force to Back Sustainable Crypto Development
